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

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

On October 10, the stockholders’ equity of Sherman Systems appears as follows.


Common stock–$10 par value, 95,000 shares authorized, 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.

1-Record the purchase of 7,300 shares of its own common stock for $48 cash per share.

2-Record the reissue of 1,575 shares of the treasury stock for $54 cash per share.

3-Record the reissue of the remaining shares of the treasury stock for $43 cash per share.

Transaction	General Journal	Debit	Credit
c.

2. Prepare the revised equity section of its balance sheet after the October 11 treasury stock purchase.

Revised Equity Section of Balance Sheet After October 11


Total contributed capital	0

Total	0

Total stockholders’ equity	$0

business accounting

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Answer 1

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Answer 2

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