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baherus [9]
3 years ago
13

On October 10, the stockholders’ equity of Sherman Systems appears as follows. Common stock–$10 par value, 95,000 shares authori

zed, issued, and outstanding $ 950,000 Paid-in capital in excess of par value, common stock 331,000 Retained earnings 1,048,000 Total stockholders’ equity $ 2,329,000 1. Prepare journal entries to record the following transactions for Sherman Systems. Purchased 7,300 shares of its own common stock at $48 per share on October 11. Sold 1,575 treasury shares on November 1 for $54 cash per share. Sold all remaining treasury shares on November 25 for $43 cash per share.
Business
1 answer:
a_sh-v [17]3 years ago
6 0

Answer:

Date                Description                                               DR                   CR

                                                                                          $                     $

Oct 11             Treasury Stock                                        350,400

                       Cash                                                                         350,400

                     <em> Being the purchse of teasury stock</em>

Nov 1                Cash                                                     85,050

                         Paid in Capital from Treasury stock                      9,450

                          Treasury stock                                                       75,600

                       <em>Being the cash realized on the sales of Treasury </em>

<em>                        stock above cost </em>

Nov 25           Cash                                                             246,175

                      Paid in capital from Treasury stock                9,450

                      Retained earnings                                          19,175

                        Treasury Stock                                                           274,800

                    <em> Being the sales of Treasury stock below the cost</em>

Explanation:

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