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On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common stock-$10 par value, 85,000 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 6,300 shares of its own common stock at $38 per share on October 11. b. Sold 1,325 treasury shares on November 1 for $44 cash per share. c. Sold all remaining treasury shares on November 25 for $37 cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase. $ 850,000 281,000 968,000 $ 2,099,000

On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common stock-$10 par value, 85,000 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 6,300 shares of its own common stock at $38 per share on October 11. b. Sold 1,325 treasury shares on November 1 for $44 cash per share. c. Sold all remaining treasury shares on November 25 for $37 cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase. $ 850,000 281,000 968,000 $ 2,099,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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k ces Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 6,300 shares of its own common stock at $38 per share on October 11. b. Sold 1,325 treasury shares on November 1 for $44 cash per share. c. Sold all remaining treasury shares on November 25 for $37 cash per share. View transaction list Journal entry worksheet K 1 2 Record the purchase of 6,300 shares of its own common stock for $38 cash per share. Transaction a Note: Enter debits before credits. Show Transcribed Text 3 Required 1. Required 2 Total contributed capital Total Total stockholders' equity General Journal S C Prepare the stockholders' equity section after the October 11 treasury stock purchase. Revised Stockholders' Equity Section of Balance Sheet After October 11 Debit < Required 1 Credit Required 2 >
Transcribed Image Text:k ces Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 6,300 shares of its own common stock at $38 per share on October 11. b. Sold 1,325 treasury shares on November 1 for $44 cash per share. c. Sold all remaining treasury shares on November 25 for $37 cash per share. View transaction list Journal entry worksheet K 1 2 Record the purchase of 6,300 shares of its own common stock for $38 cash per share. Transaction a Note: Enter debits before credits. Show Transcribed Text 3 Required 1. Required 2 Total contributed capital Total Total stockholders' equity General Journal S C Prepare the stockholders' equity section after the October 11 treasury stock purchase. Revised Stockholders' Equity Section of Balance Sheet After October 11 Debit < Required 1 Credit Required 2 >
On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common stock-$10 par value, 85,000 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 6,300 shares of its own common stock at $38 per share on October 11. b. Sold 1,325 treasury shares on November 1 for $44 cash per share. c. Sold all remaining treasury shares on November 25 for $37 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 6,300 shares of its own common stock at $38 per share on October 11. h Cold 1 295 traseury charac nn Nouamhar 1 for edd each nor chara $ 850,000 281,000 968,000 $ 2,099,000
Transcribed Image Text:On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common stock-$10 par value, 85,000 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 6,300 shares of its own common stock at $38 per share on October 11. b. Sold 1,325 treasury shares on November 1 for $44 cash per share. c. Sold all remaining treasury shares on November 25 for $37 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 6,300 shares of its own common stock at $38 per share on October 11. h Cold 1 295 traseury charac nn Nouamhar 1 for edd each nor chara $ 850,000 281,000 968,000 $ 2,099,000
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