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QS $11-17($Algo$)$ Purchase and sale of treasury stock LO P$3$

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.

Journal entry worksheet

$1$

$2$

Record the purchase of $6,500$ shares of its own stock for $$71,500$ cash.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,-$ General Journal,Debit,Credit$],[$May $03],[,,3,],[,,\sqrt[\phantom{2}]{25},],[,,,],[,,4,],[,,,]]$