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Journalize the transactions for Jackson Corporation

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Question - Jackson Corporation is authorized to issue 500,000 shares of $2 par value common stock. During 2020, its first year of operations, the company has the following stock transactions:

Jan. 15 Issued 50,000 shares of common stock at $2 per share.

Jan. 30 The attorneys for the corporation accepted 2,000 shares of common stock as payment for their services rendered in helping the company incorporate. The services are estimated to have a value of $50,000.

Apr. 27 Issued 100,000 shares of common stock at $5 per share.

Aug. 19 Purchased 10,000 shares of common stock for the treasury at $10 per share.

Nov. 26 Sold 2,000 shares of the treasury stock at $12 per share.

Dec. 21 Sold 6,000 shares of the treasury stock at $6 per share.

Required - Journalize the above transactions for Jackson Corporation.

Reference no: EM132654121

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