Exercise 11-13 (Algo) Recording and reporting treasury stock transactions LO P3 $ 790,000 251,000 920,000 $ 1,961,000 On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common stock-$10 par value, 4,525 shares 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 5,700 shares of its own common stock at $32 per share on October 11. b. Sold 1,175 treasury shares on November 1 for $38 cash per share, c. Sold all remaining treasury shares on November 25 for $31 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. Required 1 Required 2 Prepare Journal entries to record the following transactions for Sherman Systems a. Purchased 5,700 shares of its own common stock at $32 per share on October 11. b. Sold 1,175 treasury shares on November 1 for $38 cash per share. c. Sold all remaining treasury shares on November 25 for $31 cash per share, Show less View transaction is Journal entry worksheet 1 2 3 Record the purchase of 5,700 shares of its own common stock for $32 cash Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries to record the following transactions for Sherman Systems a. Purchased 5,700 shares of its own common stock at $32 per share on October 11. b. Sold 1,175 treasury shares on November 1 for $38 cash per share. c. Sold all remaining treasury shares on November 25 for $31 cash per share. Show less View transaction list Journal entry worksheet Record the reissue of 1,175 shares of the treasury stock for $38 cash per share. Note: Enter debits before credits Transaction General Journal Debit Credit b Record entry Clear entry View general Journal Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 5,700 shares of its own common stock at $32 per share on October 11. b. Sold 1,175 treasury shares on November 1 for $38 cash per share. c. Sold all remaining treasury shares on November 25 for $31 cash per share. Show less View transaction list Journal entry worksheet 2 Record the reissue of the remaining shares of the treasury stock for $31 cash per share. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general Journal Exercise 11-13 (Algo) Recording and reporting treasury stock transactions LO P3 $ 790,000 251,000 920,000 $ 1,961,000 On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common stock-$10 par value, 4,525 shares 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 5,700 shares of its own common stock at $32 per share on October 11. b. Sold 1175 treasury shares on November 1 for $38 cash per share. c. Sold all remaining treasury shares on November 25 for $31 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. Required 1 Required 2 Prepare the stockholders' equity section after the October 11 treasury stock purchase. Revised Stockholders' Equity Section of Balance Sheet After October 11 Total contributed capital Total Total stockholders' equity
