Prepare journal entries to record the following transactions for Sherman Systems.a. Purchased 5,400 shares of its own common stock at $29 per share on October 11.b. Sold 1,100 treasury shares on November 1 for $35 cash per share.c. Sold all remaining treasury shares on November 25 for $28 cash per share.NoTransactionGeneral Journala.Treasury stockCashb.C.123CashTreasury stockPaid-in capital, treasury stockCashPaid-in capital, treasury stockRetained earningsTreasury stockRequired 1XRequired 2 >Debit156,60038,500120,4004,300896,000 XCredit156,60031,9006,600Show less On October 10, the stockholders' equity section of Sherman Systems appears as follows.Common stock-$10 par value, 4,300 shares authorized, issued, and outstandingPaid-in capital in excess of par value, common stockRetained earningsTotal stockholders' equity1. Prepare journal entries to record the following transactions for Sherman Systems.a. Purchased 5,400 shares of its own common stock at $29 per share on October 11.b. Sold 1,100 treasury shares on November 1 for $35 cash per share.c. Sold all remaining treasury shares on November 25 for $28 cash per share.2. Prepare the stockholders' equity section after the October 11 treasury stock purchase.$760,000236,000896,000$ 1,892,000

A Journal entry is a primary entry that records the financial transactions initially. The…

a. Purchased 5,400 shares of its own common stock at $29 per share on October 11. . Sold 1,100 treasury shares on November 1 for $35 cash per share. c. Sold all remaining treasury shares on November 25 for $28 cash per share.

a. Purchased 5,400 shares of its own common stock at $29 per share on October 11. . Sold 1,100 treasury shares on November 1 for $35 cash per share. c. Sold all remaining treasury shares on November 25 for $28 cash per share.

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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