Jackson Corporation issues 1000 shares of $2 par value common stock for $10,000. When common...
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Accounting
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?
| a. | 38,000 | |
| b. | 138,000 | |
| c. | 42,000 | |
| d. | 142,000 |
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