Required information

E$11-7($Algo$)$ Reporting Stockholders' Equity L$011-1,11-3,11-7$

Williamson Corporation's Board authorized $85,000$ shares of common stock with $$8$ par value. During the first year,

Williamson:

a$.$ Sold $61,000$ shares of common stock for cash at $$43$ per share.

b$.$ Repurchased $9,000$ shares at $$45$ per share.

E$11-7$ Part $1$

Required:

Prepare the journal entry required for each of these transactions.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

Sold $61,000$ shares of common stock for cash at $$43$ per share.

Note: Enter debits before credits.