Exercise 11-14 (Algo) Recording and reporting treasury stock On October 10, the stockholders' equity section of Shefman Systems appears as follows Common stock-$10 par value, 74,eee shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 740,000 226,000 880,000 $ 1,846,000 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 5,200 shares of its own common stock at $27 per share on October 11 b. Sold 1,050 treasury shares on November 1 for $33 cash per share c. Sold all remaining treasury shares on November 25 for $22 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 Required 1 2 Prepare journal entries to record the following transactions for Sherman Systems.

Exercise 11-14 (Algo) Recording and reporting treasury stock On October 10, the stockholders' equity section of Shefman Systems appears as follows Common stock-$10 par value, 74,eee shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 740,000 226,000 880,000 $ 1,846,000 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 5,200 shares of its own common stock at $27 per share on October 11 b. Sold 1,050 treasury shares on November 1 for $33 cash per share c. Sold all remaining treasury shares on November 25 for $22 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 Required 1 2 Prepare journal entries to record the following transactions for Sherman Systems.

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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Question Completion Status: QUESTION 2 Posting: transfers journal entries to ledger accounts. a. transfers ledger transaction data to the journal. Ob. is an optional step in the recording process. c. normally occurs before journalizing. d. QUESTION 3 Q5. All statement are limitations of trial balance Except: Click Save and Submit to save and submit. Click Save AlZ Answers to save all answers.
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