Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help me finish this journal entry On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common stock-$10 par value, 92,000

please help me finish this journal entry image text in transcribed
image text in transcribed
On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common stock-\$10 par value, 92,000 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 7,000 shares of its own common stock at $45 per share on October 11 . b. Sold 1,500 treasury shares on November 1 for $51 cash per share. c. Sold all remaining treasury shares on November 25 for $44 cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 7,000 shares of its own common stock at $45 per share on October 11 . b. Sold 1,500 treasury shares on November 1 for $51 cash per share. c. Sold all remaining treasury shares on November 25 for $44 cash per share. Journal entry worksheet Record the reissue of the remaining shares of the treasury stock for $44 cash per share. Note: Enter debits before credits. On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common stock-\$10 par value, 92,000 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 7,000 shares of its own common stock at $45 per share on October 11 . b. Sold 1,500 treasury shares on November 1 for $51 cash per share. c. Sold all remaining treasury shares on November 25 for $44 cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 7,000 shares of its own common stock at $45 per share on October 11 . b. Sold 1,500 treasury shares on November 1 for $51 cash per share. c. Sold all remaining treasury shares on November 25 for $44 cash per share. Journal entry worksheet Record the reissue of the remaining shares of the treasury stock for $44 cash per share. Note: Enter debits before credits

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting A Managerial Emphasis

Authors: Madhav, Charles, Srikant

15th Edition

933254221X, 978-9332542211

More Books

Students also viewed these Accounting questions

Question

Find the median for the set of measurements 2, 9, 11, 5, 6.

Answered: 1 week ago

Question

a score of 60 or higher on the test?

Answered: 1 week ago