On January 1, 2017, Geffrey Corporation had the following stockholders equity accounts. Common Stock ($24 par value, 61,000 shares issued and outstanding) $1,464,000 Paid-in Capital in Excess of ParCommon Stock 191,000 Retained Earnings 619,000 During the year, the following transactions occurred. Feb. 1 Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. Mar. 1 Paid the dividend declared in February. Apr. 1 Announced a 2-for-1 stock split. Prior to the split, the market price per share was $40. July 1 Declared a 15% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $14 per share. 31 Issued the shares for the stock dividend. Dec. 1 Declared a $0.40 per share dividend to stockholders of record on December 15, payable January 5, 2018. 31 Determined that net income for the year was $365,500. Collapse question part (a) Partially correct answer. Your answer is partially correct. Try again. Journalize the transactions and the closing entries for net income and dividends. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Entry field with correct answer Entry field with correct answer Cash Dividends Entry field with correct answer 61000 Entry field with correct answer Entry field with correct answer Dividends Payable Entry field with correct answer Entry field with correct answer 61000 Entry field with correct answer Entry field with correct answer Dividends Payable Entry field with correct answer 61000 Entry field with correct answer Entry field with correct answer Cash Entry field with correct answer Entry field with correct answer 61000 Entry field with correct answer Entry field with incorrect answer Cash Entry field with correct answer Entry field with correct answer Entry field with incorrect answer Cash Dividends Entry field with correct answer Entry field with incorrect answer 122000 Entry field with correct answer Entry field with correct answer Stock Dividends Entry field with incorrect answer 122000 Entry field with correct answer Entry field with correct answer Common Stock Dividends Distributable Entry field with correct answer Entry field with incorrect answer 256200 Entry field with incorrect answer Paid-in Capital in Excess of Stated Value-Common Stock Entry field with correct answer Entry field with incorrect answer 134200 Entry field with correct answer Entry field with correct answer Common Stock Dividends Distributable Entry field with incorrect answer 122000 Entry field with correct answer Entry field with correct answer Common Stock Entry field with correct answer Entry field with incorrect answer 122000 Entry field with correct answer Entry field with correct answer Cash Dividends Entry field with incorrect answer 48800 Entry field with correct answer Entry field with correct answer Dividends Payable Entry field with correct answer Entry field with incorrect answer 48800 Entry field with correct answer Entry field with correct answer Income Summary Entry field with incorrect answer 365000 Entry field with correct answer Entry field with correct answer Retained Earnings Entry field with correct answer Entry field with incorrect answer 365000 (To close net income) Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer (To close stock dividends) Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer (To close cash dividends) SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT LINK TO TEXT LINK TO TEXT Attempts: 3 of 3 used Collapse question part (b) Enter the beginning balances, and post the entries to the stockholders equity accounts. (Note: Open additional stockholders equity accounts as needed.) (Post entries in the order of journal entries presented in the previous part.) Common Stock Date Explanation Ref. Debit Credit Balance Balance Common Stock Dividends Distributable Date Explanation Ref. Debit Credit Balance Paid-in Capital in Excess of ParCommon Stock Date Explanation Ref. Debit Credit Balance Balance Retained Earnings Date Explanation Ref. Debit Credit Balance Balance Net income Stock dividend Cash dividend Cash Dividends Date Explanation Ref. Debit Credit Balance Stock Dividends Date Explanation Ref. Debit Credit Balance