Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 6,600 shares of its own common stock at $41 per share on October 11. b. Sold 1,400 treasury shares on November 1 for $47 cash per share. c. Sold all remaining treasury shares on November 25 for $40 cash per share.
Prepare
a. Purchased 6,600 shares of its own common stock at $41 per share on October 11.
b. Sold 1,400 treasury shares on November 1 for $47 cash per share.
c. Sold all remaining treasury shares on November 25 for $40 cash per share.
On October 10, the
| Common stock–$10 par value, 88,000 shares authorized, issued, and outstanding | $ 880,000 |
|---|---|
| Paid-in capital in excess of par value, common stock | 296,000 |
| 992,000 | |
| Total stockholders’ equity | $ 2,168,000 |
Prepare journal entries to record the following transactions for Sherman Systems.
a. Purchased 6,600 shares of its own common stock at $41 per share on October 11.
b. Sold 1,400 treasury shares on November 1 for $47 cash per share.
c. Sold all remaining treasury shares on November 25 for $40 cash per share.
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