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Prepare journal entries to record the following transactions for Sherman Systems. Purchased 6,800 shares of its own common stock at $43 per share on October 11. Sold 1,450 treasury shares on November 1 for $49 cash per share. Sold all remaining treasury shares on November 25 for $38 cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase.

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Explanation

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                                                                       Debit             Credit

11-Oct

Treasury                                                         292400

Cash                                                                                     292400

Being own shares repurchased  

1-Nov  

Cash (1,450 × 49)                                             71,050

Treasury Stock (1,450 × 43)                                                 62,350

Paid-in Capital from Sale of Treasury Stock                          9,700    

To record the sale of treasury stock.               

November 25

Cash (5350 × 38)                                           203,300

Paid-in Capital from Sale of Treasury Stock   9,700

Retained Earnings                                            17,050                

Treasury Stock (5350 × 43)                                                      230,050

To record the sale of the remaining treasury shares        

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