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Pool Corporation, Inc., is the world's largest wholesale distributor of swimming pool supplies and equipment. It is a publicly traded corporation that trades on the NASDAQ exchange. The majority of Pool's customers are small, family-owned businesses. The company issued the following press release: COVINGTON, La., March 1, 2018 (GLOBE NEWSWIRE)-Pool Corporation (Nasdaq: POOL) announced today that its Board of Directors declared a quarterly cash dividend of $0.37 per share. The dividend will be payable on March 29, 2018, to holders of record on March 16, 2018. The Company also announced in its 2017 Annual Report that it had repurchased $146.0 million of its common stock in the open market. Required: 1. Prepare the journal entry for Pool Corporation to record the repurchase of shares assuming all shares were repurchased at one time. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars not in millions (i.e., 1,000,000 not 1.0).) View transaction list Journal entry worksheet < Record the repurchase of shares assuming all shares were repurchased at one time. Note: Enter debits before credits. Transaction General Journal Debit Credit

Pool Corporation, Inc., is the world's largest wholesale distributor of swimming pool supplies and equipment. It is a publicly traded corporation that trades on the NASDAQ exchange. The majority of Pool's customers are small, family-owned businesses. The company issued the following press release: COVINGTON, La., March 1, 2018 (GLOBE NEWSWIRE)-Pool Corporation (Nasdaq: POOL) announced today that its Board of Directors declared a quarterly cash dividend of $0.37 per share. The dividend will be payable on March 29, 2018, to holders of record on March 16, 2018. The Company also announced in its 2017 Annual Report that it had repurchased $146.0 million of its common stock in the open market. Required: 1. Prepare the journal entry for Pool Corporation to record the repurchase of shares assuming all shares were repurchased at one time. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars not in millions (i.e., 1,000,000 not 1.0).) View transaction list Journal entry worksheet < Record the repurchase of shares assuming all shares were repurchased at one time. Note: Enter debits before credits. Transaction General Journal Debit Credit

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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Pool Corporation, Inc., is the world's largest wholesale distributor of swimming pool supplies and equipment. It is a publicly traded corporation that trades on the NASDAQ exchange. The majority of Pool's customers are small, family-owned businesses. The company issued the following press release: COVINGTON, La., March 1, 2018 (GLOBE NEWSWIRE)-Pool Corporation (Nasdaq: POOL) announced today that its Board of Directors declared a quarterly cash dividend of $0.37 per share. The dividend will be payable on March 29, 2018, to holders of record on March 16, 2018. The Company also announced in its 2017 Annual Report that it had repurchased $146.0 million of its common stock in the open market. Required: 1. Prepare the journal entry for Pool Corporation to record the repurchase of shares assuming all shares were repurchased at one time. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars not in millions (i.e., 1,000,000 not 1.0).) View transaction list Journal entry worksheet < 1 Record the repurchase of shares assuming all shares were repurchased at one time. Note: Enter debits before credits. Transaction General Journal Debit Credit
Transcribed Image Text:Pool Corporation, Inc., is the world's largest wholesale distributor of swimming pool supplies and equipment. It is a publicly traded corporation that trades on the NASDAQ exchange. The majority of Pool's customers are small, family-owned businesses. The company issued the following press release: COVINGTON, La., March 1, 2018 (GLOBE NEWSWIRE)-Pool Corporation (Nasdaq: POOL) announced today that its Board of Directors declared a quarterly cash dividend of $0.37 per share. The dividend will be payable on March 29, 2018, to holders of record on March 16, 2018. The Company also announced in its 2017 Annual Report that it had repurchased $146.0 million of its common stock in the open market. Required: 1. Prepare the journal entry for Pool Corporation to record the repurchase of shares assuming all shares were repurchased at one time. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars not in millions (i.e., 1,000,000 not 1.0).) View transaction list Journal entry worksheet < 1 Record the repurchase of shares assuming all shares were repurchased at one time. Note: Enter debits before credits. Transaction General Journal Debit Credit
2. Prepare all necessary entries associated with the dividend. Assume that at the time of the dividend, Pool was authorized to issue 100 million shares and had 43 million shares outstanding. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars not in millions (i.e., 1,000,000 not 1.0).) View transaction list Journal entry worksheet < 1 2 Record the journal entry on March 1. Date March 01 3 Note: Enter debits before credits. Record entry General Journal Clear entry Debit Credit View general journal
Transcribed Image Text:2. Prepare all necessary entries associated with the dividend. Assume that at the time of the dividend, Pool was authorized to issue 100 million shares and had 43 million shares outstanding. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars not in millions (i.e., 1,000,000 not 1.0).) View transaction list Journal entry worksheet < 1 2 Record the journal entry on March 1. Date March 01 3 Note: Enter debits before credits. Record entry General Journal Clear entry Debit Credit View general journal
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