Required information

E11-7 (Algo) Reporting Stockholders' Equity LO11-1, 11-3, 11-7

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Williamson Corporation was organized to operate a tax preparation business. The charter authorized the following stock: common stock, $9 par value, 95,000 shares authorized. During the first year, the following selected transactions were completed:

1. Sold 56,000 shares of common stock for cash at $50 per share.
2. Repurchased 1,000 shares at $52 per share.

E11-7 Part 1

Required:

1. 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 56,000 shares of common stock for cash at $50 per share.

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
a.	Additional paid-in capital, common stock

Journal entry worksheet

• Repurchased 1,000 shares at $52 per share.

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
b.