Question

Riverbed Corporation commenced operations in early 2020. The corporation incurred $50,500 of costs such as fees to underwriters, legal fees, state fees, and promotional expenditures during its formation. Prepare journal entries to record the $50,500 expenditure and 2020 amortization, if any. (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 O for the amounts.) Account Titles and Explanation Debit Credit (To record organization expense) (To record amortization expense)

Answer 1

Account titles and explanation	Debit	Credit
Organization expense	$50,500	-
Cash	-	$50,500
(To record organization expense)
No entry
(To record amortization expense)