Donnelly Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2010, the company has the following stock transactions.
Jan. 15 Issued 400,000 shares of stock at $7 per share.
Sept. 5 Purchased 30,000 shares of common stock 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 shares of $1 par value common stock. During 2010, the company has the following stock transactions.
Jan. 15 Issued 400,000 shares of stock at $7 per share.
Sept. 5 Purchased 30,000 shares of common stock for the treasury at $8 per share.
Instructions
Journalize the transactions for Donnelly Corporation.

Donnelly Corporation Is Authorized to Issue 1,000,000 Shares of $1