Donnelly Corporation is authorized to issue 1,000,000 ordinary shares with a $1 par value. During 2014, the company has the following share transactions.
Jan. 15 Issued 500,000 ordinary shares at $7 per share.
Sept. 5 Purchased 30,000 ordinary shares for the treasury at $8 per share.
Instructions
Journalize the transactions for Donnelly Corporation.

Question

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The Answer of Donnelly Corporation is authorized to issue 1,000,000 ordinary shares with a $1 par value. During 2014, the company has the following share transactions.
Jan. 15 Issued 500,000 ordinary shares at $7 per share.
Sept. 5 Purchased 30,000 ordinary shares for the treasury at $8 per share.
Instructions
Journalize the transactions for Donnelly Corporation.

Donnelly Corporation Is Authorized to Issue 1,000,000 Ordinary Shares with a $1