On May 3, Zirbal Corporation purchased 8,500 shares of its own stock for $93,500 cash. On November 4, Zirbal reissued 1,750 shaof this treasury stock for $21,000.Prepare the May 3 and November 4 journal entries to record Zirbal's purchase and reissuance of treasury stock.View transaction listJournal entry worksheet<12Record the purchase of 8,500 shares of its own stock for $93,500 cash.Note: Enter debits before credits.DateMay 03Record entryGeneral JournalClear entryDebitCreditView general journal

Treasury stock is reacquired share by the company. The required share can be the issued in future.…

Answered: On May 3, Zirbal Corporation purchased…

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter15: Investments And Fair Value Accounting

Section: Chapter Questions

Problem 3PA

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On May 3, Zirbal Corporation purchased 8,500 shares of its own stock for $93,500 cash. On November 4, Zirbal reissued 1,750 shares of this treasury stock for $21,000. 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 < 1 2 Record the purchase of 8,500 shares of its own stock for $93,500 cash. Note: Enter debits before credits. Date May 03 Record entry General Journal Clear entry Debit Credit View general journal
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On May 3, Zirbal Corporation purchased 8,500 shares of its own stock for $93,500 cash. On November 4, Zirbal reissued 1,750 sha of this treasury stock for $21,000. Prepare the May 3 and November 4 journal entries to record Zirbal's purchase and reissuance of treasury stock.