Question

Riverbed Corporation was organized on January 1, 2020. It is authorized to issue 9,600 shares of 8%, $100 par value preferred stock, and 501,500 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year.

Jan. 10		Issued 80,050 shares of common stock for cash at $6 per share.
Mar. 1		Issued 5,930 shares of preferred stock for cash at $113 per share.
Apr. 1		Issued 24,680 shares of common stock for land. The asking price of the land was $90,820; the fair value of the land was $80,050.
May 1		Issued 80,050 shares of common stock for cash at $8 per share.
Aug. 1		Issued 9,600 shares of common stock to attorneys in payment of their bill of $50,400 for services rendered in helping the company organize.
Sept. 1		Issued 9,600 shares of common stock for cash at $10 per share.
Nov. 1		Issued 1,100 shares of preferred stock for cash at $115 per share.

Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
choose a transaction date                                                          Jan. 10Mar. 1Apr. 1May 1Aug. 1Sept. 1Nov. 1	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date                                                          Jan. 10Mar. 1Apr. 1May 1Aug. 1Sept. 1Nov. 1	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date                                                          Jan. 10Mar. 1Apr. 1May 1Aug. 1Sept. 1Nov. 1	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date                                                          Jan. 10Mar. 1Apr. 1May 1Aug. 1Sept. 1Nov. 1	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date                                                          Jan. 10Mar. 1Apr. 1May 1Aug. 1Sept. 1Nov. 1	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date                                                          Jan. 10Mar. 1Apr. 1May 1Aug. 1Sept. 1Nov. 1	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date                                                          Jan. 10Mar. 1Apr. 1May 1Aug. 1Sept. 1Nov. 1	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount

Answer 1

Journal entries

Date	General Journal	Debit	Credit
Jan 10	Cash (80050*6)	480300
	Common Stock		80050
	paid in capital in excess of stated value-Common Stock		400250
Mar 1	Cash (5930*113)	670090
	Preferred stock		593000
	Paid in capital in excess of par value-Preferred stock		77090
Apr 1	Land	90820
	Common Stock (24680*1)		24680
	paid in capital in excess of stated value-Common Stock		66140
May 1	Cash (80050*8)	640400
	Common Stock		80050
	paid in capital in excess of stated value-Common Stock		560350
Aug 1	Organization expense	50400
	Common Stock		9600
	paid in capital in excess of stated value-Common Stock		40800
Sept 1	Cash (9600*10)	96000
	Common Stock		9600
	paid in capital in excess of stated value-Common Stock		86400
Nov 1	cash (1100*115)	126500
	Preferred stock		110000
	paid in capital in excess of par value-Preferred Stock		16500