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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.

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.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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.
Transcribed Image Text: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.
Journal entry worksheet < 1 Record the reissue of 1,750 shares of this treasury stock for $21,000. Note: Enter debits before credits. Date November 04 2 Record entry View transaction list 1 Journal entry worksheet 2 Date May 03 General Journal Clear entry Note: Enter debits before credits. Record entry Record the purchase of 8,500 shares of its own stock for $93,500 cash. General Journal Debit Clear entry Credit View general journal Debit > Credit View general journal
Transcribed Image Text:Journal entry worksheet < 1 Record the reissue of 1,750 shares of this treasury stock for $21,000. Note: Enter debits before credits. Date November 04 2 Record entry View transaction list 1 Journal entry worksheet 2 Date May 03 General Journal Clear entry Note: Enter debits before credits. Record entry Record the purchase of 8,500 shares of its own stock for $93,500 cash. General Journal Debit Clear entry Credit View general journal Debit > Credit View general journal
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