Question
In: Accounting
Use the following information to answer the next five questions: On March 1st, Apple Inc. issued...
Use the following information to answer the next five questions:
On March 1st, Apple Inc. issued 1,000 shares of $3 par value stock for a selling price of $10 per share.
On May 1st, Apple Inc. reacquired 100 of the 1000 shares issued on March 1st for $15 per share.
On June 1st, Apple reissued 100 shares for $20 per share.
On June 10th, Apple declared a $1 per share dividend
On June 12th, Apple paid the dividend that it declared on June 10th
1. What journal entry did Apple record on March 1st?
Provide answer towards the bottom of the answer sheet
2. What journal entry did Apple record on May 1st?
Provide answer towards the bottom of the answer sheet
3. What journal entry did Apple record on June 1st?
Provide answer towards the bottom of the answer sheet
4. What journal entry did Apple record on June 10th?
Provide answer towards the bottom of the answer sheet
5. What journal entry did Apple record on June 12th?
Provide answer towards the bottom of the answer sheet
Solutions
Expert Solution
Answer:
| Date | Account Title | Debit | Credit |
| Mar 1st | Cash | $ 10,000 | |
| Common stock (1,000 × $3) | $ 3,000 | ||
| Paid-in capital in excess of par-common stock | 7,000 | ||
| May 1st | Treasury stock (100*$15) | 1,500 | |
| Cash | 1,500 | ||
| Jun 1st | Cash (100 × $20) | 2,000 | |
| Treasury stock (100 × $15) | 1,500 | ||
| Paid-in capital from treasury stock | 500 | ||
| Jun.10 | Retained earnings | 1,000 | |
| Dividend payable-Common (1,000 * $1) | 1,000 | ||
| Jun.12 | Dividend payable-Common | 1,000 | |
| Cash | 1,000 |
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