- Exercise 13 13 Algo Recording And Reporting Treasury Stock Transactions Lo P3 On October 10 The Stockholders Equity 1 (389.05 KiB) Viewed 57 times
- Exercise 13 13 Algo Recording And Reporting Treasury Stock Transactions Lo P3 On October 10 The Stockholders Equity 2 (174.37 KiB) Viewed 57 times
Exercise 13-13 (Algo) Recording and reporting treasury stock transactions LO P3 On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common stock-$10 par value, 5,800 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 960,000 336,000 1,056,000 $ 2,352,000 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 7,400 shares of its own common stock at $49 per share on October 11. b. Sold 1,600 treasury shares on November 1 for $55 cash per share. C. Sold all remaining treasury shares on November 25 for $48 cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 7,400 shares of its own common stock at $49 per share on October 11. b. Sold 1,600 treasury shares on Nov per 1 for $55 ca per share. c. Sold all remaining treasury shares on November 25 for $48 cash per share. Show less
Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 7,400 shares of its own common stock at $49 per share on October 11. b. Sold 1,600 treasury shares on November 1 for $55 cash per share. c. Sold all remaining treasury shares on November 25 for $48 cash per share. Show less A View transaction list View journal entry worksheet ♡ No Transaction General Journal Debit Credit 1 a. Treasury stock 362,600 Cash 362,600 N N b. Cash 88,000 Treasury stock Paid-in capital, treasury stock 78,400 9,600 3 C. Cash Paid-in capital, treasury stock Treasury stock Treasury stock 278,400 9,600 19,400 284,200
2. Prepare the stockholders' equity section after the October 11 treasury stock purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the stockholders' equity section after the October 11 treasury stock purchase. Revised Stockholders' Equity Section of Balance Sheet After October 11 Total contributed capital 0 Total 0 Total stockholders' equity $ 0