Question

On October 10, the stockholders’ equity of Sherman Systems appears as follows. Common stock–$10 par value,...

On October 10, the stockholders’ equity of Sherman Systems appears as follows. Common stock–$10 par value, 85,000 shares authorized, issued, and outstanding $ 850,000 Paid-in capital in excess of par value, common stock 281,000 Retained earnings 968,000 Total stockholders’ equity $ 2,099,000 1. Prepare journal entries to record the following transactions for Sherman Systems. Purchased 6,300 shares of its own common stock at $38 per share on October 11. Sold 1,325 treasury shares on November 1 for $44 cash per share. Sold all remaining treasury shares on November 25 for $33 cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase.

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 $33 cash per share.

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Journal entry worksheet

  • Record the purchase of 6,300 shares of its own common stock for $38 cash per share.

Note: Enter debits before credits.
Transaction General Journal Debit Credit
a.
Revised Equity Section of Balance Sheet After October 11
Total contributed capital 0
Total 0
Total stockholders’ equity $0
Business   Accounting   
0 0
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