Sheffield Inc. has outstanding 13,100 shares of $10 par value common stock. On July 1, 2020, Sheffield reacquired 113 shares at $88 per share. On September 1. Sheffield reissued 62 shares at $94 per share On November 1, Sheffield reissued 51 shares at $0 per share Prepare Sheffield's journal entries to record these transactions using the cost method Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Date Account Titles and Explanation Debit Credit 11/1/20

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Sheffield Inc. has outstanding 13,100 shares of $10 par value common stock. On July 1, 2020, Sheffield reacquired 113 shares at
$88 per share. On September 1. Sheffield reissued 62 shares at $94 per share On November 1, Sheffield reissued 51 shares at $0 per
share.
Prepare Sheffield's journal entries to record these transactions using the cost method (Credit account titles are automatically indented
when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account ttles and enter O for the amounts)
Date
Account Titles and Explanation
Debit
Credit
11/1/20
||||
I
Transcribed Image Text:Sheffield Inc. has outstanding 13,100 shares of $10 par value common stock. On July 1, 2020, Sheffield reacquired 113 shares at $88 per share. On September 1. Sheffield reissued 62 shares at $94 per share On November 1, Sheffield reissued 51 shares at $0 per share. Prepare Sheffield's journal entries to record these transactions using the cost method (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account ttles and enter O for the amounts) Date Account Titles and Explanation Debit Credit 11/1/20 |||| I
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