Riverbed Island Corporation began operations on April 1 by issuing 52,300 shares of $5 par value common stock for cash at $13 p share. In addition, Riverbed Island issued 2,400 shares of $1 par value preferred stock for $6 per share. Journalize the issuance of the common and preferred shares. (Credit account titles are automatically indented when the amo is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry for account titles and enter 0 for the amounts.)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Riverbed Island Corporation began operations on April 1 by issuing 52,300 shares of $5 par value common stock for cash at $13 per
share. In addition, Riverbed Island issued 2,400 shares of $1 par value preferred stock for $6 per share.
Journalize the issuance of the common and preferred shares. (Credit account titles are automatically indented when the amount
is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry for the
account titles and enter 0 for the amounts.)
Date Account Titles and Explanation
April 1
April 1
(To record issuance of common shares)
(To record issuance of preferred shares)
Debit
Credit
Transcribed Image Text:Riverbed Island Corporation began operations on April 1 by issuing 52,300 shares of $5 par value common stock for cash at $13 per share. In addition, Riverbed Island issued 2,400 shares of $1 par value preferred stock for $6 per share. Journalize the issuance of the common and preferred shares. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation April 1 April 1 (To record issuance of common shares) (To record issuance of preferred shares) Debit Credit
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