On May 3, Zirbal Corporation purchased 7,500 shares of its own stock for $67,500 cash. On November 4, Zirbal reissued 1,650 sharesof 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 listJournal entry worksheet12Record the purchase of 7,500 shares of its own stock for $67,500 cash.Note: Enter debits before credits.DateMay 03General JournalDebitCredit<

In this question, we need to pass journal entries on: Purchase of Treasury Stock on May 03. Re…

Answered: On May 3, Zirbal Corporation purchased…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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Prior to May 1, Fortune Company has never had any treasury stock transactions. The company repurchased 230 shares of its common stock on May 1 for $11,500. On July 1, it reissued 115 of these shares at $53 per share. On August 1, it reissued the remaining treasury shares at $48 per share. What is the balance in the Paid-in Capital, Treasury Stock account on August 2? Multiple Choice O O $11,615. $6,095. $15,410. $115. $0.
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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.