On May 3, Zirbal Corporation purchased 6,500 shares of its own stock for $71,500 cash. On November 4, Zirbal reissued 1,550 shares of this treasury stock for $18,600. Prepare the May 3 and November 4 journal entries to record Zirbals purchase and reissuance of treasury stock.

On May 3, Zirbal Corporation purchased 6,500 shares of its own stock for $71,500 cash. On November 4, Zirbal reissued 1,550 shares of this treasury stock for $18,600. Prepare the May 3 and November 4 journal entries to record Zirbal's purchase and reissuance of treasury stock. View transaction list Journal entry worksheet Record the purchase of 6,500 shares of its own stock for $71,500 cash. Note: Enter debits before credits. General Journal Debit Credit Date May 03