Answered: On May 3, Zirbal Corporation purchased… | bartleby

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 7,500 shares of its own stock for $67,500 cash. On November 4, Zirbal reissued 1,650 shares
of this treasury stock for $16,500.
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 7,500 shares of its own stock for $67,500 cash.
Note: Enter debits before credits.
Date
May 03
General Journal
Debit
Credit
<

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