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On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common stock-$10 par value, 5,125 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 870,000 291,000 984,000 $ 2,145,000 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 6,500 shares of its own common stock at $40 per share on October 11. b. Sold 1,375 treasury shares on November 1 for $46 cash per share. c. Sold all remaining treasury shares on November 25 for $39 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 6,500 shares of its own common stock at $40 per share on October 11. b. Sold 1,375 treasury shares on November 1 for $46 cash per share. c. Sold all remaining treasury shares on November 25 for $39 cash per share. Show less
Required 1 Required 2 Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 6,500 shares of its own common stock at $40 per share on October 11. b. Sold 1,375 treasury shares on November 1 for $46 cash per share. c. Sold all remaining treasury shares on November 25 for $39 cash per share. View transaction list Journal entry worksheet < 1 2 3 Record the purchase of 6,500 shares of its own common stock for $40 cash per share. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal
Required 1 Required 2 Prepare the stockholders' equity section after the October 11 treasury stock p Revised Stockholders' Equity Section of Balance Sheet After October 11 Total contributed capital 0 Total Total stockholders' equity $ 0