Exerclse $11-13($Algo$)$ Recording and reporting treasury stock transactlons LO P$3$

On October $10,$ the stockholders" equlty section of Sherman Systems appears as follows.

Common stock$-$$$10$ par value, $94,690$ shares authorized, issued, and outstanding

Paid$-$in capital in excess of par value, comon stock

Retained earnings

Total stockholders' equity

Prepare Journal entrles to record the following transactlons for Sherman Systems.

a$.$ Purchased $7,200$ shares of Its own common stock at $$47$ per share on October $11.$

b$.$ Sold $1,550$ treasury shares on November $1$ for $$53$ cash per share.

c$.$ Sold all remaining treasury shares on November $25$ for $$46$ cash per share.

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 $7,200$ shares of its own common stock at $$47$ per share on October $11.$

b$.$ Sold $1,550$ treasury shares on November $1$ for $$53$ cash per share.

c$.$ Sold all remaining treasury shares on November $25$ for $$46$ cash per share.

Journal entry worksheet

Record the purchase of $7,200$ shares of its own common stock for

$$47$ cash per share.

Note: Enter debits before credts.