On January 1, 2017, Sheffield Corp. had these stockholders' equity accounts.

Common Stock ($10par value,84,000shares issued and outstanding)$840,000Paid-in Capital in Excess of Par Value505,500Retained Earnings610,000

During the year, the following transactions occurred.

Jan.15Declared a $0.60cash dividend per share to stockholders of record on January 31, payable February 15.Feb.15Paid the dividend declared in January.Apr.15Declared a10% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $15per share.May15Issued the shares for the stock dividend.Dec.1Declared a $0.50per share cash dividend to stockholders of record on December 15, payable January 10, 2018.Dec.31Determined that net income for the year was $376,000.

*(a)

Your answer is correct.

Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.)(Record entries in the order displayed in the problem statement. 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.)

Date

Account Titles and Explanation

Debit

Credit

choose a transaction date

Jan. 15

enter an account title

Cash Dividends

enter a debit amount

50,400

enter a credit amount

enter an account title

Dividends Payable

enter a debit amount

enter a credit amount

50,400

choose a transaction date

Feb. 15

enter an account title

Dividends Payable

enter a debit amount

50,400

enter a credit amount

enter an account title

Cash

enter a debit amount

enter a credit amount

50,400

choose a transaction date

Apr. 15

enter an account title

Stock Dividends

enter a debit amount

126000

enter a credit amount

enter an account title

Common Stock Dividends Distributable

enter a debit amount

enter a credit amount

84,000

enter an account title

Paid-in Capital in Excess of Par Value-Common Stock

enter a debit amount

enter a credit amount

42,000

choose a transaction date

May 15

enter an account title

Common Stock Dividends Distributable

enter a debit amount

84,000

enter a credit amount

enter an account title

Common Stock

enter a debit amount

enter a credit amount

84,000

choose a transaction date

Dec. 1

enter an account title

Cash Dividends

enter a debit amount

46,200

enter a credit amount

enter an account title

Dividends Payable

enter a debit amount

enter a credit amount

46,200

choose a transaction date

Dec. 31

enter an account title to close net income

Income Summary

enter a debit amount

376,000

enter a credit amount

enter an account title to close net income

Retained Earnings

enter a debit amount

enter a credit amount

376,000

(To close net income)

choose a transaction date

Dec. 31

enter an account title to close stock dividends

Retained Earnings

enter a debit amount

126000

enter a credit amount

enter an account title to close stock dividends

Stock Dividends

enter a debit amount

enter a credit amount

126000

(To close stock dividends)

choose a transaction date

Dec. 31

enter an account title to close cash dividends

Retained Earnings

enter a debit amount

96,600

enter a credit amount

enter an account title to close cash dividends

Cash Dividends

enter a debit amount

enter a credit amount

96,600

(To close cash dividends)

Attempts: 3 of 3 used*(b)

Your answer is partially correct.Try again.

Enter the beginning balances and post the entries to the stockholders' equity T-accounts.(Post entries in the order of journal entries posted in the previous part. For accounts that have zero ending balance, the entry should be the balance date and zero for the amount.)

Common Stock

choose a transaction date

enter a debit amount

choose a transaction date

1/1Bal.

1/15

4/15

5/15

12/1

12/31

12/31Bal.

enter a credit amount

choose a transaction date

enter a debit amount

choose a transaction date

1/1Bal.

1/15

4/15

5/15

12/1

12/31

12/31Bal.

enter a credit amount

choose the end date of the accounting period

enter a debit balance

choose the end date of the accounting period

1/1Bal.

1/15

4/15

5/15

12/1

12/31

12/31Bal.

enter a credit balance

Retained Earnings

choose a transaction date

1/1Bal.

1/15

4/15

5/15

12/1

12/31

12/31Bal.

enter a debit amount

choose a transaction date

1/1Bal.

1/15

4/15

5/15

12/1

12/31

12/31Bal.

enter a credit amount

610,000

choose a transaction date

1/1Bal.

1/15

4/15

5/15

12/1

12/31

12/31Bal.

enter a debit amount

96,600

choose a transaction date

1/1Bal.

1/15

4/15

5/15

12/1

12/31

12/31Bal.

enter a credit amount

376,000

choose the end date of the accounting period

enter a debit balance

choose the end date of the accounting period

1/1Bal.

1/15

4/15

5/15

12/1

12/31

12/31Bal.

enter a credit balance

Paid-in Capital in Excess of Par Value

choose a transaction date

enter a debit amount

choose a transaction date

1/1Bal.

1/15

4/15

5/15

12/1

12/31

12/31Bal.

enter a credit amount

choose a transaction date

enter a debit amount

choose a transaction date

1/1Bal.

1/15

4/15

5/15

12/1

12/31

12/31Bal.

enter a credit amount

choose the end date of the accounting period

enter a debit balance

choose the end date of the accounting period

1/1Bal.

1/15

4/15

5/15

12/1

12/31

12/31Bal.

enter a credit balance

Cash Dividends

choose a transaction date

1/1Bal.

1/15

4/15

5/15

12/1

12/31

12/31Bal.

enter a debit amount

choose a transaction date

1/1Bal.

1/15

4/15

5/15

12/1

12/31

12/31Bal.

enter a credit amount

choose a transaction date

1/1Bal.

1/15

4/15

5/15

12/1

12/31

12/31Bal.

enter a debit amount

choose a transaction date

enter a credit amount

choose the end date of the accounting period

1/1Bal.

1/15

4/15

5/15

12/1

12/31

12/31Bal.

enter a debit balance

choose the end date of the accounting period

1/1Bal.

1/15

4/15

5/15

12/1

12/31

12/31Bal.

enter a credit balance

Common Stock Dividends Distributable

choose a transaction date

1/1Bal.

1/15

4/15

5/15

12/1

12/31

12/31Bal.

enter a debit amount

choose a transaction date

1/1Bal.

1/15

4/15

5/15

12/1

12/31

12/31Bal.

enter a credit amount

choose the end date of the accounting period

1/1Bal.

1/15

4/15

5/15

12/1

12/31

12/31Bal.

enter a debit balance

choose the end date of the accounting period

1/1Bal.

1/15

4/15

5/15

12/1

12/31

12/31Bal.

enter a credit balance

Stock Dividends

choose a transaction date

1/1Bal.

1/15

4/15

5/15

12/1

12/31

12/31Bal.

enter a debit amount

choose a transaction date

1/1Bal.

1/15

4/15

5/15

12/1

12/31

12/31Bal.

enter a credit amount

choose the end date of the accounting period

1/1Bal.

1/15

4/15

5/15

12/1

12/31

12/31Bal.

enter a debit balance

choose the end date of the accounting period

enter a credit balance

Attempts: 1 of 3 used*(c)

The parts of this question must be completed in order. This part will be available when you complete the part above.*(d)

The parts of this question must be completed in order. This part will be available when you complete the part above.