Record the purchase of 3,500 shares of its own stock for $38,500 cash.

Record the reissue of 1,250 shares of this treasury stock for $15,000.

On May 3, Zirbal Corporation purchased 3,500 shares of its own stock for $38,500 cash. On November 4, Zirbal reissued 1,250 shares of this treasury stock for $15,000. Prepare the May 3 and November 4 journal entries to record Zirbal's purchase and reissuance of treasury stock. Journal entry worksheet 2 Record the purchase of 3,500 shares of its own stock for $38,500 cash. Note: Enter debits before credits