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value: 0.60 points QS 11-11 Purchase and sale of treasury stock LO P3 On May...

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value: 0.60 points QS 11-11 Purchase and sale of treasury stock LO P3 On May 3, Zirbal Corporation purchased 5,500 shares of its own stock for $55,000 cash. On November4 Zirbal reissued 900 shares of this treasury stock for $9,900 Prepare the May 3 and November 4 journal entries to record Zirbal's purchase and reissuance of treasury stock Answer is complete but not entirely correct. Date General Journal Debit Credit May 03 Treasury stock 5,500 Cash 27,500 Nov 04 Cash 99,000 Treasury stock Paid-in capital, treasury sto 7,200 91,800 ck

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