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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. $ 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. $ 840,000 276,000 960,000 $ 2,076,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
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
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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