Calculation of Journal Entries

Discipline: Accounting

Type of Paper: Coursework

Academic Level: Undergrad. (yrs 3-4)

Paper Format: APA

Pages: 2 Words: 275

Question

Describe how to calculate On Oct 10, the stockholders' equity of Syntax 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.........................................$1,800,000 1: Prepare journal entries to record the following transactions for Syntax Systems a: Purchased 5,000 shares of its own common stock at $22 per share on Oct 11. b: Sold 1,000 treasury shares on Nov 1 for $28 cash per share c: Sold all remaining treasury shares on Nov 25 for $17 cash per share 2: Explain how the company's equity section changes after the Oct 11 treasury stock purchase, and prepare the revised equity section of its balance sheet at that date.