Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on october 10, the stockholders equity of sherman

On October 10, the stockholders equity of Sherman Systems appears as follows. ...

60.2K

Verified Solution

Question

Accounting

On October 10, the stockholders equity of Sherman Systems appears as follows.
Common stock$10 par value, 94,000 shares authorized, issued, and outstanding $ 940,000
Paid-in capital in excess of par value, common stock 326,000
Retained earnings 1,040,000
Total stockholders equity $ 2,306,000

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

  1. Purchased 7,200 shares of its own common stock at $47 per share on October 11.
  2. Sold 1,550 treasury shares on November 1 for $53 cash per share.
  3. Sold all remaining treasury shares on November 25 for $42 cash per share.

Journal entry worksheet-

Record the purchase of 7,200 shares of its own common stock for $47 cash per share.

Record the reissue of 1,550 shares of the treasury stock for $53 cash per share.

Record the reissue of the remaining shares of the treasury stock for $42 cash per share.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

E F 3 mZE 8 Write your answer as an integer or as a decimal...

Geometry
Q

Bernardo Bellotto is a financial analyst with Canal Financial Planning Inc who specializes in designing retirement...

General Management
Q

Multiple Choice 46 pairs of sister chromatids and 184 individual DNA molecules 46 pairs of...

Biology
Q

Use the fundamental counting principle A password for a computer consists of five different digits...

Basic Math
Q

Discuss the differences in financial reporting for public and private colleges and universities. Which of...

Accounting
Q

Astro World issues $41 million in bonds on January 1, 2024, that pay...

Accounting
Q

Marigold Company purchased machinery on January 1, 2020, for $83,200. The machinery is...

Accounting
Q

ACC121 -Term Project- Due via Blackboard by December 6,2017 1. Balance Sheet The following data...

Accounting
Q

What two IRS Code Sections generally applies to dividends? Give Code Section When are dividends...

Accounting
Q

During periods of rising inventory prices, which of the following is likely to be true?...

Accounting
Q

Swifty Company produces and sells automobile batteries, the heavy-duty HD-240. The 2027 sales forecast is...

Accounting
Q

240 people are asked how many siblings they have? # of Siblings Frequency Relative Frequency...

Accounting