Jackson Browne Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During...

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Jackson Browne Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2021, its first year of operation, the company has the following stock transactions. Jan. 1 Paid the state $6,000 for incorporation fees. Jan. 15 Jan. 30 legal services rendered in helping the company incorporate. The legal services are estimated to have a value of $8,000. July 2 The stock is currently selling on a national exchange at $7 per share. Sept. 5 Dec. 6 Issued 500,000 shares of stock at $5 per share. Attorneys for the company accepted 400 shares of common stock as payment for Issued 100,000 shares of stock for land. The land had an asking price of $800,000. Purchased 10,000 shares of common stock for the treasury at $9 per share. Sold 7,000 shares of the treasury stock at $12 per share. Instructions Indicate the accounts and their respective balances that are increased and/or decreased in the above transactions for Jackson Browne Corporation. Jackson Browne Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2021, its first year of operation, the company has the following stock transactions. Jan. 1 Paid the state $6,000 for incorporation fees. Jan. 15 Jan. 30 legal services rendered in helping the company incorporate. The legal services are estimated to have a value of $8,000. July 2 The stock is currently selling on a national exchange at $7 per share. Sept. 5 Dec. 6 Issued 500,000 shares of stock at $5 per share. Attorneys for the company accepted 400 shares of common stock as payment for Issued 100,000 shares of stock for land. The land had an asking price of $800,000. Purchased 10,000 shares of common stock for the treasury at $9 per share. Sold 7,000 shares of the treasury stock at $12 per share. Instructions Indicate the accounts and their respective balances that are increased and/or decreased in the above transactions for Jackson Browne Corporation.

Answer rating: 100% (QA)

Jan 1 Increases organization expense account and decrease cash account by 6000 Jan 1... View the full answer