Exercise 11-10 Recording and reporting treasury stock transactions LO P3 On October 10, the stockholders' equity of Sherman Systems appears as follows. Common stock-$10 par value, 95,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings $ 950,000 331,000 1,048,000 $2,329,000 Total stockholders' equity 1. 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 $43 cash per share View transaction list 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. Transaction General Journal Debit Credit Exercise 11-10 Recording and reporting treasury stock transactions LO P3 On October 10, the stockholders' equity of Sherman Systems appears as follows. Common stock-$10 par value, 95,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 950,000 331,000 1,048,000 $2,329,000 1. 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 $43 cash per share. View transaction list Journal entry worksheet Record the reissue of 1,575 shares of the treasury stock for $54 cash per share Note: Enter debits before credits. Transaction General Journal Credit Debit b. Exercise 11-10 Recording and reporting treasury stock transactions LO P3 On October 10, the stockholders' equity of Sherman Systems appears as follows. Common stock-$10 par value, 95,000 shares $ 950,000 331,000 1,048,000 $2,329,000 authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity 1. 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 $43 cash per share View transaction list Journal entry worksheet Record the reissue of the remaining shares of the treasury stock for $43 cash per share Note: Enter debits before credits. General Journal Debit Credit Transaction C
