QS 11-11 Purchase and sale of treasury stock LO P3

On May 3, Zirbal Corporation purchased 7,500 shares of its own stock for $60,000 cash. On November 4, Zirbal reissued 1,100 shares of this treasury stock for $9,900. Prepare the May 3 and November 4 journal entries to record Zirbals purchase and reissuance of treasury stock.

• Record the reissue of 1,100 shares of this treasury stock for $9,900.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
Nov 04