QS 11-15 Purchase and sale of treasury stock LO P3

On May 3, Zirbal Corporation purchased 6,000 shares of its own stock for $66,000 cash. On November 4, Zirbal reissued 950 shares of this treasury stock for $11,400. Prepare the May 3 and November 4 journal entries to record Zirbals purchase and reissuance of treasury stock.

• Record the purchase of 6,000 shares of its own stock for $66,000 cash.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
May 03

• Record the reissue of 950 shares of this treasury stock for $11,400.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
Nov 04