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5 Exercise 11-10 Recording and reporting treasury stock transactions LO P3 On October 10, the stockholders' equity of Sherman Systems appears as follows. 1.67 points
5 Exercise 11-10 Recording and reporting treasury stock transactions LO P3 On October 10, the stockholders' equity of Sherman Systems appears as follows. 1.67 points Common stock-$10 par value, 84,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholder' equity $ 840,000 276,000 960,000 $2,076,000 eBook Print 1. Prepare journal entries to record the following transactions for Sherman Systems a. Purchased 6,200 shares of its own common stock at $37 per share on October 11. b. Sold 1,300 treasury shares on November 1 for $43 cash per share. c. Sold all remaining treasury shares on November 25 for $32 cash per share. Re erences View transaction ist View journal entry worksheet No Transaction General Journal Debit Credit Treasury stock Cash a. Cash Treasury stock Paid-in capital, treasury stock Cash Paid-in capital, treasury stock Retained earnings Treasury stock 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 Common stock, S10 par Paid-in capital in excess of par value, common stock Total contributed capital S 840,000 276,000 1,116,000 960,000 2,076,000 etained earnings Total ess: Cost of treasury stock Total stockholders' equity S 2,076,000
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