During its first year of operations, Collin Raye Corporation

E15-1 During its first year of operations, Collin Raye Corporation had the following transactions pertaining to its common stock.

Jan. 10 Issued 80,000 shares for cash at $6 per share.

Mar. 1 Issued 5,000 shares to attorneys in payment of a bill for $35,000 for services rendered in helping the company to incorporate.

July 1 Issued 30,000 shares for cash at $8 per share.

Sept. 1 Issued 60,000 shares for cash at $10 per share.

(a) Prepare the journal entries for these transactions, assuming that the common stock has a par value of $5 per share.

(b) Prepare the journal entries for these transactions, assuming that the common stock is no-par with a stated value of $3 per share.

(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

(a) Jan. 10

Mar. 1

July 1

Sept. 1

(b) Jan. 10      

Mar. 1

July 1

Sept. 1