Exercise 11-10 Recording and reporting treasury stock transactions LO P3 On October 10, the stockholders equity...

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Exercise 11-10 Recording and reporting treasury stock transactions LO P3 On October 10, the stockholders equity of Sherman Sy

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Answer 1

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Question		Description	Debit $	Credit $
a	Oct 11	Treasury stock, (5900x 34)	200600
		Cash		200600
		(To record the purchase of own 5900 share at the price $ 34)

b	Nov 1	Cash (1225*40)	49000
		Treasury stock,(1225x 34)		41650
		Paid in capital-treasury stock (1225x6)		7350
		(To record the sale of 1225 treasury share at the price 40)

c	Nov 25	Cash (4675*29)	135,575
		Paid in capital-treasury stock	7350
		Retained earning	16025
		Treasury stock (4675*34)		158950
		(To record the sale of remaining 4675 treasury share at the price 29)

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