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On October 10, the stockholders’ equity of Sherman Systems appears as follows. 1. Prepare journal entries to record the...

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

Common stock-$10 par value, 96,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common

1. Prepare journal entries to record the following transactions for Sherman Systems. Purchased 7,400 shares of its own common stock at $49 per share on October 11. Sold 1,600 treasury shares on November 1 for $55 cash per share. Sold all remaining treasury shares on November 25 for $44 cash per share.

2. Prepare the stockholders' equity section after the October 11 treasury stock purchase.

Required 1 Required 2 Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 7,400 sh

Required 1 Required 2 Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 7,400 shPrepare the stockholders equity section after the October 11 treasury stock purchase. Revised Equity Section of Balance Shee


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Answer #1
TR General Journal Debit Credit
a. Treasury stock 362600
cash 362,600
b. Cash 88000
Treasury stock 78400
paid in capital from Treasury stock 9600
c. Cash 255200
paid in capital from Treasury stock 9600
Retained Earnings 19400
Treasury stock 284200
Revised Equity section of Balance Sheet After October 11
Common stock,$10 par 960,000
paid in capital in excess of par value,Common stock 336,000
total contributed capital 1,296,000
Retained earnings 1036600
total. 2,332,600
less:cost of treasury stock 0
total stockholder's Equity 2,332,600
3 11
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