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