Exercise 1114 (Algo) Recording and reporting treasury stock transactions LO P3 On October 10 ,...
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Exercise 1114 (Algo) Recording and reporting treasury stock transactions LO P3 On October 10 , the stodkholders' equity section of Sherman Systems appears as follows: 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 5,300 shares of its own common stock at $28 per share on October 11 . b. Sold 1,075 treasury shares on November 1 for $34 cash per share. c. Sold all remaining treasury shares on November 25 for $23 cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase. Complete this question by entering your answers in the tabs below. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 5,300 shares of its own common stock at $28 per share on October 11. b. Sold 1,075 treasury shares on November 1 for $34 cash per share. c. Sold all remaining treasury shares on November 25 for $23 cash per share. Journal entry worksheet Record the reissue of the remaining shares of the treasury stock for $23 cash per share. Note: Enter debits before credits
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