Jackson Corporation issues 1000 shares of $2 par value common stock for $10,000. When common stock is issued, which of the following is the correct journal entry?

	a.	Common stock                        10,000                         Common stock                                    2,000                         Cash                                                    8,000
	b.	Paid in capital in excess of par 11,000                         Cash                                                  10,000                         Common stock                                    1,000
	c.	Cash                                        10,000                         Common stock                                    2,000                         Paid in capital in excess of par           8,000
	d.	Cash     8,000 Common Stock                                                  2, 000 Paid in capital in excess of par           6,000

Jackson Corporation has 100,000 shares authorized, 40,000 shares issued and 2,000 shares in treasury stock. How many shares are issued and outstanding?

 

Answer rating: 100% (QA)

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