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1. Prepare journal entries to record the following transactions for Sherman Systems. Purchased 6,500 shares of its own common stock at $40 per share on October 11. Sold 1,375 treasury shares on November 1 for $46 cash per share. 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.

1. Prepare journal entries to record the following transactions for Sherman Systems. Purchased 6,500 shares of its own common stock at $40 per share on October 11. Sold 1,375 treasury shares on November 1 for $46 cash per share. 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.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. Prepare journal entries to record the following transactions for Sherman Systems. Purchased 6,500 shares of its own common stock at $40 per share on October 11. Sold 1,375 treasury shares on November 1 for $46 cash per share. 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.
Transcribed Image Text:1. Prepare journal entries to record the following transactions for Sherman Systems. Purchased 6,500 shares of its own common stock at $40 per share on October 11. Sold 1,375 treasury shares on November 1 for $46 cash per share. 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.
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