History Bookmarks People Window Help -\' 79%-> Sun 7:07 PM Alexis A Connect G Yo

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History Bookmarks People Window Help -' 79%-> Sun 7:07 PM Alexis A Connect G York's outstanding stock cons x Secure https: APTER 11 HOMEWORK Help Save & E 6 On October 10, the stockholders' equity of Sherman Systems appears as follows Common stock-$10 par valae, 94,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value Retained earnings 940,000 326,000 040,000 , eommon stock Total stockholders equity $2,306,000 1. Prepare journal entries to record the following transactions for Sherman Systems a. Purchased 7.200 shares of its own common stock at $47 per share on October 11. b. Sold 1,550 treasury shares on November 1 for $53 cash per share c Sold all remaining treasury shares on November 25 for $42 cash per share. ournal entry worksheet Prex 6 of 13 Next 3 7 8 9 0

Explanation / Answer

Journal entry Date Accounting titles & Explanations Debit Credit a. Treasury stock 338400 cash (7200*47) 338400 b. Cash 82150 Treasury stock (1,550*47) 72850 paid in capital in excess of par- TS (1550*6) 9300 c. Cash (5650*42) 237300 paid in capital in excess of par -TS 9300 retained earnings 18950 Treasury stock (5650*47) 265550

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