Williamson Corporation was organized to operate a tax preparation business. The charter authorized the following stock: common stock, $9 par value, 87,000 shares authorized. During the first year, the following selected transactions were completed: a. Sold 52,000 shares of common stock for cash at $41 per share. b. Repurchased 3,000 shares from a stockholder for cash at $43 per share. 1. Prepare the journal entry required for each of these transactions

Williamson Corporation was organized to operate a tax preparation business. The charter authorized the following stack: common stock, $9 par value, 87,000 shares authorized. During the first year, the following selected transactions were completed: a. Sold 52,000 shares of common stock for cash at $41 per share. b. Repurchased 3,000 shares from a stockholder for cash at $43 per share. References Section Break E11-7 Reporting Stockholders' Equity LO11-1,11-3 11. 5.00 points Required information E11-7 Part 1 1. Prepare the jounal entry required for each of these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Vlew transaction list Journal entry worksheet Sold 52,000 shares of common stock for cash at $41 per share Note: Enter debits before credits General Journal Debit Credit