FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Record the purchase of 6,200 shares of
its own common stock for $37 cash per
share.
Record the reissue of 1,300 shares of
the treasury stock for $43 cash per
share.
Record the reissue of the remaining
shares of the treasury stock for $36
cash per share.
Exercise 11-13 (Algo) Recording and reporting treasury stock transactions LO P3
On October 10, the stockholders' equity section of Sherman Systems appears as follows.
Common stock-$10 par value, 84,000 shares authorized, issued, and outstanding
Paid-in capital in excess of par value, common stock
Retained earnings
Total stockholders' equity
1. Prepare journal entries to record the following transactions for Sherman Systems.
a. Purchased 6,200 shares of its own common stock at $37 per share on October 11.
b. Sold 1,300 treasury shares on November 1 for $43 cash per share.
c. Sold all remaining treasury shares on November 25 for $36 cash per share.
2. Prepare the stockholders' equity section after the October 11 treasury stock purchase.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Prepare the stockholders' equity section after the October 11 treasury stock purchase.
Revised Stockholders' Equity Section of Balance Sheet After October 11
Total contributed capital
Total
Total stockholders' equity
< Required 1
Required 2 >
$ 840,000
276,000
960,000
$ 2,076,000
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Transcribed Image Text:Record the purchase of 6,200 shares of its own common stock for $37 cash per share. Record the reissue of 1,300 shares of the treasury stock for $43 cash per share. Record the reissue of the remaining shares of the treasury stock for $36 cash per share. Exercise 11-13 (Algo) Recording and reporting treasury stock transactions LO P3 On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common stock-$10 par value, 84,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 6,200 shares of its own common stock at $37 per share on October 11. b. Sold 1,300 treasury shares on November 1 for $43 cash per share. c. Sold all remaining treasury shares on November 25 for $36 cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the stockholders' equity section after the October 11 treasury stock purchase. Revised Stockholders' Equity Section of Balance Sheet After October 11 Total contributed capital Total Total stockholders' equity < Required 1 Required 2 > $ 840,000 276,000 960,000 $ 2,076,000
Exercise 11-13 (Algo) Recording and reporting treasury stock transactions LO P3
On October 10, the stockholders' equity section of Sherman Systems appears as follows.
Common stock-$10 par value, 84,000 shares authorized, issued, and outstanding
Paid-in capital in excess of par value, common stock
Retained earnings
Total stockholders' equity
1. Prepare journal entries to record the following transactions for Sherman Systems.
a. Purchased 6,200 shares of its own common stock at $37 per share on October 11.
b. Sold 1,300 treasury shares on November 1 for $43 cash per share.
c. Sold all remaining treasury shares on November 25 for $36 cash per share.
2. Prepare the stockholders' equity section after the October 11 treasury stock purchase.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Prepare journal entries to record the following transactions for Sherman Systems.
a. Purchased 6,200 shares of its own common stock at $37 per share on October 11.
b. Sold 1,300 treasury shares on November 1 for $43 cash per share.
c. Sold all remaining treasury shares on November 25 for $36 cash per share.
View transaction list
Journal entry worksheet
1
2
Record the purchase of 6,200 shares of its own common stock for $37 cash
per share.
Transaction
a.
Note: Enter debits before credits.
3
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
>
$ 840,000
276,000
960,000
$ 2,076,000
Show less
00
expand button
Transcribed Image Text:Exercise 11-13 (Algo) Recording and reporting treasury stock transactions LO P3 On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common stock-$10 par value, 84,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 6,200 shares of its own common stock at $37 per share on October 11. b. Sold 1,300 treasury shares on November 1 for $43 cash per share. c. Sold all remaining treasury shares on November 25 for $36 cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 6,200 shares of its own common stock at $37 per share on October 11. b. Sold 1,300 treasury shares on November 1 for $43 cash per share. c. Sold all remaining treasury shares on November 25 for $36 cash per share. View transaction list Journal entry worksheet 1 2 Record the purchase of 6,200 shares of its own common stock for $37 cash per share. Transaction a. Note: Enter debits before credits. 3 Record entry General Journal Clear entry Debit Credit View general journal > $ 840,000 276,000 960,000 $ 2,076,000 Show less 00
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