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eimsori [14]
3 years ago
7

Prepare journal entries to record the following transactions for Sherman Systems. Purchased 6,800 shares of its own common stock

at $43 per share on October 11. Sold 1,450 treasury shares on November 1 for $49 cash per share. Sold all remaining treasury shares on November 25 for $38 cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase.
Business
1 answer:
Yuki888 [10]3 years ago
4 0

Explanation

I think your question missed of key information for question 2, so I just answer question at my best for helping you.

                                                                       Debit             Credit

11-Oct

Treasury                                                         292400

Cash                                                                                     292400

<em>Being own shares repurchased   </em>

1-Nov  

Cash (1,450 × 49)                                             71,050

Treasury Stock (1,450 × 43)                                                 62,350

Paid-in Capital from Sale of Treasury Stock                          9,700    

<em>To record the sale of treasury stock.      </em>         

November 25

Cash (5350 × 38)                                           203,300

Paid-in Capital from Sale of Treasury Stock   9,700

Retained Earnings                                            17,050                

Treasury Stock (5350 × 43)                                                      230,050

<em>To record the sale of the remaining treasury shares  </em>      

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