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(Solved) (Latest ver. Aug 2020) - Journal entries

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On Oct 10, the stockholders' equity of Syntax Systems appears as follows

Comon 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 trasury 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.

 







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