Sheridan Corporation purchased from its stockholders 5,900 shares of its own previously issued stock for $295,000....

 

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Sheridan Corporation purchased from its stockholders 5,900 shares of its own previously issued stock for $295,000. It later resold 1,600 shares for $53 per share, then 1,600 more shares for $48 per share, and finally 2,700 shares for $42 per share. Prepare journal entries for the purchase of the treasury stock and the three sales of treasury stock. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit Treasury Stock Cash (To record purchase from stockholders.) Cash Paid-in Capital from Treasury Stock Treasury Stock (To record sales of shares at $53 per share.) Cash Paid-in Capital from Treasury Stock Treasury Stock (To record sales of shares at $48 per share.) (To record sale of shares at $42 per share.) 295000 84800 76800 295000 1600 83200 1600 75200 Sheridan Corporation purchased from its stockholders 5,900 shares of its own previously issued stock for $295,000. It later resold 1,600 shares for $53 per share, then 1,600 more shares for $48 per share, and finally 2,700 shares for $42 per share. Prepare journal entries for the purchase of the treasury stock and the three sales of treasury stock. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit Treasury Stock Cash (To record purchase from stockholders.) Cash Paid-in Capital from Treasury Stock Treasury Stock (To record sales of shares at $53 per share.) Cash Paid-in Capital from Treasury Stock Treasury Stock (To record sales of shares at $48 per share.) (To record sale of shares at $42 per share.) 295000 84800 76800 295000 1600 83200 1600 75200

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The journal entries are given below Account Title and Explanation Debit Credit Treasury Stock ... View the full answer