On October 10, the stockholders’ equity of Sherman Systems appears as follows.            Common stock–$10 par value, 84,000 shares authorized, issued, and outstanding $ 840,000   Paid-in capital in excess of par value, common stock   276,000   Retained earnings   960,000   Total stockholders’ equity $ 2,076,000       1. Prepare journal entries to record the following transactions for Sherman Systems.   Purchased 6,200 shares of its own common stock at $37 per share on October 11. Sold 1,300 treasury shares on November 1 for $43 cash per share. Sold all remaining treasury shares on November 25 for $32 cash per share.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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On October 10, the stockholders’ equity of Sherman Systems appears as follows.
  

       
Common stock–$10 par value, 84,000 shares
authorized, issued, and outstanding
$ 840,000  
Paid-in capital in excess of par value, common stock   276,000  
Retained earnings   960,000  
Total stockholders’ equity $ 2,076,000  
 

 
1. Prepare journal entries to record the following transactions for Sherman Systems.
 

  1. Purchased 6,200 shares of its own common stock at $37 per share on October 11.
  2. Sold 1,300 treasury shares on November 1 for $43 cash per share.
  3. Sold all remaining treasury shares on November 25 for $32 cash per share.

 

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