On october 10, the stockholders’ equity of sherman systems appears as follows: common stock–$10 par value, 72,000 shares authorized, issued, and outstanding $ 720,000 paid-in capital in excess of par value, common stock 216,000 retained earnings 864,000 total stockholders’ equity $ 1,800,000 1. prepare journal entries to record the following transactions for sherman systems.
a. purchased 5,000 shares of its own common stock at $25 per share on october 11.
b. sold 1,000 treasury shares on november 1 for $31 cash per share.
c. sold all remaining treasury shares on november 25 for $20 cash per share.

A journal entry lists the sums and accounts affected by each transaction in a uniform style. Every journal entry will have debit and one credit transactions.

The transactions of a, b, and c explains the purchase of shares, sale of shares, and sale of remaining shares, the journal entries are attached in an image below, kindly go through it.

For more information related to the stockholder's equity transactions, refer to the link:

link

Explanation:

The journal entries are shown below:

a. Treasury Stock A/c Dr $125,000     (5,000 shares × $25)

           To Cash A/c                 $125,000

(Being treasure stock is purchased)

b. Cash A/c  Dr $31,000                       (1,000 shares × $31)

       To Treasury Stock A/c $25,000  (1,000 shares × $25)

       To Paid in capital - Treasury stock $6,000

(Being treasury stock is sold at higher price and the remaining amount would be credited to the paid in capital account)

c.  Cash A/c  Dr $80,000                     (4,000 shares × $20)

    Paid in capital - Treasury stock $6,000

    Retained Earnings A/c Dr $14,000

                    To Treasury Stock A/c $100,000    (4,000 shares × $25)

(Being treasury stock is sold at lower price and the remaining amount would be debited to the retained earning account)

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