Exercise $11-13($Algo$)$ Recording and reporting treasury stock transactions LO P$3$

On October $10,$ the stockholders' equity section of Sherman Systems appears as follows.

Prepare journal entries to record the following transactions for Sherman Systems.

a$.$ Purchased $7,300$ shares of Its own common stock at $$48$ per share on October $11.$

b$.$ Sold $1,575$ treasury shares on November $1$ for $$54$ cash per share.

c$.$ Sold all remaining treasury shares on November $25$ for $$47$ cash per share.

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

Complete this question by entering your answers in the tabs below.

Prepare journal entries to record the following transactions for Sherman Systems.

a$.$ Purchased $7,300$ shares of its own common stock at $$48$ per share on October $11.$

b$.$ Sold $1,575$ treasury shares on November $1$ for $$54$ cash per share.

c$.$ Sold all remaining treasury shares on November $25$ for $$47$ cash per share.

Journal entry worksheet

Record the purchase of $7,300$ shares of its own common stock for $$48$ cash

per share.

Note: Enter debits before credits.