On October 10, the stockholders' equity of Sherman Systems appears as follows. Common stock-$10 par value, 72,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 720,000 216,000 864,000 $1,800,000 1. Prepare journal entries to record the following transactions for Sherman Systems. o. Purchased 5,000 shares of its own common stock at $25 per share on October 11, b. Sold 1,000 treasury shares on November 1 for $31 cash per share. c. Sold all remaining treasury shares on November 25 for $20 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 5,000 shares of its own common stock at $25 per share on October 11. b. Sold 1,000 treasury shares on November 1 for $31 cash per share. c. Sold all remaining treasury shares on November 25 for $20 cash per share. View transaction list Journal entry worksheet 1 2 3 Record the purchase of 5,000 shares of its own common stock for $25 cash per share. Enter debits before credits Transaction General Journal Debit Credit here to search o 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 5,000 shares of its own common stock at $25 per Share on October 11. b. Sold 1,000 treasury shares on November 1 for $31 cash per share. c. Sold all remaining treasury shares on November 25 for $20 cash per share. View transaction list Journal entry worksheet Record the purchase of 5,000 shares of its own common stock for $25 cash per share. NoteEnbar dabits bore credits Transaction General Journal Dubit Credit Record entry Clear entry View general Required 2 > to search o BE ere to search 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 5,000 shares of its own common stock at $25 per share on October 11. b. Sold 1,000 treasury shares on November 1 for $31 cash per share. c. Sold all remaining treasury shares on November 25 for $20 cash per share. View transaction list Journal entry worksheet Exercise 11-12 Recording and reporting treasury stock transactions LO PS On October 10, the stockholders' equity of Sherman Systems appears as follows. Common stock-510 par value, 72,880 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 720,000 216,000 864,000 $1,880,000 1. Prepare journal entries to record the following transactions for Sherman Systems a. Purchased 5,000 shares of its own common stock at $25 per share on October 11. b. Sold 1,000 treasury shares on November 1 for $31 cash per share c. Sold all remaining treasury shares on November 25 for $20 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 Equity Section of Balance Sheet After October 11 Total contributed capital Total Total stockholders equity
