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QS 11-15 Purchase and sale of treasury stock LO P3 On May 3, Zirbal Corporation purchased...

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 Zirbal’s 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
Business   Accounting   
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