On October 10, the stockholders’ equity section of Sherman Systems appears as follows. Common stock–$10 par value, 86,000 shares authorized, issued, and outstanding $ 860,000 Paid-in capital in excess of par value, common stock 286,000 Retained earnings 976,000 Total stockholders’ equity $ 2,122,000 Prepare journal entries to record the following transactions for Sherman Systems. Purchased 6,400 shares of its own common stock at $39 per share on October 11. Sold 1,350 treasury shares on November 1 for $45.

On October 10, the stockholders’ equity section of Sherman Systems appears as follows. Common stock–$10 par value, 86,000 shares authorized, issued, and outstanding $ 860,000 Paid-in capital in excess of par value, common stock 286,000 Retained earnings 976,000 Total stockholders’ equity $ 2,122,000 Prepare journal entries to record the following transactions for Sherman Systems. Purchased 6,400 shares of its own common stock at $39 per share on October 11. Sold 1,350 treasury shares on November 1 for $45.

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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