May 3, Zirbal Corporation purchased 5,500 shares of its own stock for $49,500 cash. On November 4, Zirbal reissued 1,450 shares of this treasury stock for $14,500.

Prepare the May 3 and November 4 journal entries to record Zirbal's purchase and reissuance of treasury stock.

Journal entry worksheet Record the purchase of 5,500 shares of its own stock for $49,500 cash. Note: Enter debits before credits. Journal entry worksheet Record the reissue of 1,450 shares of this treasury stock for $14,500. Note: Enter debits before credits