Prepare entries in journal form without explanations to record the following transactions involving Dailey Corporation's $5 par value common stock:
$\begin{array}{l}
\text { Apr. } 1 \text { Purchased } 500 \text { shares of its own common stock for } \$ 12 \text {, the current market } \
\text { price. This is the first transaction involving its own stock engaged in by the } \
\text { company. } \
\text { May } 1 \text { Sold } 100 \text { of the shares purchased on April } 1 \text { for } \$ 15 \text {. } \
\text { June } 1 \text { Retired } 100 \text { of the shares purchased on April } 1 \text {. The original issue price was } \$ 8 \text {. } \
\text { July } 1 \text { Sold } 200 \text { of the shares purchased on April } 1 \text { for } \$ 10 \text {. }
\end{array}$

Question

Prepare entries in journal form without explanations to record the following transactions involving Dailey Corporation's $5 par value common stock:
 $\begin{array}{l}
\text { Apr. } 1 \text { Purchased } 500 \text { shares of its own common stock for } \$ 12 \text {, the current market } \
\text { price. This is the first transaction involving its own stock engaged in by the } \
\text { company. } \
\text { May } 1 \text { Sold } 100 \text { of the shares purchased on April } 1 \text { for } \$ 15 \text {. } \
\text { June } 1 \text { Retired } 100 \text { of the shares purchased on April } 1 \text {. The original issue price was } \$ 8 \text {. } \
\text { July } 1 \text { Sold } 200 \text { of the shares purchased on April } 1 \text { for } \$ 10 \text {. }
\end{array}$

Quizplus · Accepted Answer

The Answer of Prepare entries in journal form without explanations to record the following transactions involving Dailey Corporation's $5 par value common stock:
 $\begin{array}{l}
\text { Apr. } 1 \text { Purchased } 500 \text { shares of its own common stock for } \$ 12 \text {, the current market } \
\text { price. This is the first transaction involving its own stock engaged in by the } \
\text { company. } \
\text { May } 1 \text { Sold } 100 \text { of the shares purchased on April } 1 \text { for } \$ 15 \text {. } \
\text { June } 1 \text { Retired } 100 \text { of the shares purchased on April } 1 \text {. The original issue price was } \$ 8 \text {. } \
\text { July } 1 \text { Sold } 200 \text { of the shares purchased on April } 1 \text { for } \$ 10 \text {. }
\end{array}$

Prepare Entries in Journal Form Without Explanations to Record the Following