B& Bla fAl Bh C ezto.mheducation.com/hm.tpx Bookmarks Imported From IE D Vietnam

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B& Bla fAl Bh C ezto.mheducation.com/hm.tpx Bookmarks Imported From IE D Vietnamese Online Pro b EasyBib: Free Bibliogr N ew la On October 10, the stockholders' equity of Sherman Systems appears as follows: 930,000 321,000 Common stock $10 par value, 93,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained eanings 1,032,000 $2,283,000 Total stockholders' equity 1. 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 7,100 shares of its own common stock at $46 per share on October 11 b. Sold 1,525 treasury shares on November 1 for $52 cash per share c. Sold all remaining treasury shares on November 25 for $41 cash per share view transaction list view general journal Journal Entry Worksheet 023 Record the purchase of 7,100 shares of its own common stock for $46 cash per share. Transaction General Journal Debit Credit "Enter Enter debits before credits ne 13288768 10204940...jpg 4 DCM E Andree R...mp3 clear entry record en 13275400-10204939 jpg 13282732 1020

Explanation / Answer

Journal:

Revised equity section of the balance sheet after Oct 11:

Date Particulars Debit Credit Oct 11 Treasury Stock 326600   Cash 326600 Nov 1 Cash 79300 Additional paid in capital 64050 Treasury Stock 15250 Nov 25 Cash 5575 x 41 228575   Additional paid in capital 5575 x 31 172825 Treasury Stock 5575 x 10 55750

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