On October 10, the stockholders? equity of Sherman Systems appears as follows:
|Common stock?$10 par value, 82,000 shares authorized, issued, and outstanding||$||820,000|
|Paid-in capital in excess of par value, common stock||266,000|
|Total stockholders? equity||$||2,030,000|
Prepare journal entries to record the following transactions for Sherman Systems.
Purchased 6,000 shares of its own common stock at $35 per share on October 11.
|b.||Sold 1,250 treasury shares on November 1 for $41 cash per share.|
Sold all remaining treasury shares on November 25 for $30 cash per share.
Title of account
11-Oct Treasury Stock
210,000 1-Nov Cash
Paid in capital in excess of par - Treasury Stock $ 25-Nov Cash
Paid in capital in excess...
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