On January 1, 2022, Pharoah Company had the following stockholders equity accounts.

Common Stock ($20 par value, 58,700 shares issued and outstanding)		$1,174,000
Paid-in Capital in Excess of ParCommon Stock		196,000
Retained Earnings		555,000

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 $37.
July 1		Declared a 10% 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 $0.30 per share dividend to stockholders of record on December 15, payable January 5, 2023.
31		Determined that net income for the year was $375,000.

(a)

Journalize the transactions and the closing entries for net income and dividends. (Record journal entries in the order presented in the problem. 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. 1Jan. 5Feb. 1Mar. 1Apr. 1July 1July 31Dec. 1Dec. 31	Enter an account title	enter a debit amount	enter a credit amount
	Enter an account title	enter a debit amount	enter a credit amount
Choose a transaction date Jan. 1Jan. 5Feb. 1Mar. 1Apr. 1July 1July 31Dec. 1Dec. 31	Enter an account title	enter a debit amount	enter a credit amount
	Enter an account title	enter a debit amount	enter a credit amount
Choose a transaction date Jan. 1Jan. 5Feb. 1Mar. 1Apr. 1July 1July 31Dec. 1Dec. 31	Enter an account title	enter a debit amount	enter a credit amount
	Enter an account title	enter a debit amount	enter a credit amount
Choose a transaction date Jan. 1Jan. 5Feb. 1Mar. 1Apr. 1July 1July 31Dec. 1Dec. 31	Enter an account title	enter a debit amount	enter a credit amount
	Enter an account title	enter a debit amount	enter a credit amount
	Enter an account title	enter a debit amount	enter a credit amount
Choose a transaction date Jan. 1Jan. 5Feb. 1Mar. 1Apr. 1July 1July 31Dec. 1Dec. 31	Enter an account title	enter a debit amount	enter a credit amount
	Enter an account title	enter a debit amount	enter a credit amount
Choose a transaction date Jan. 1Jan. 5Feb. 1Mar. 1Apr. 1July 1July 31Dec. 1Dec. 31	Enter an account title	enter a debit amount	enter a credit amount
	Enter an account title	enter a debit amount	enter a credit amount
Choose a transaction date Jan. 1Jan. 5Feb. 1Mar. 1Apr. 1July 1July 31Dec. 1Dec. 31	Enter an account title to close net income	enter a debit amount	enter a credit amount
	Enter an account title to close net income	enter a debit amount	enter a credit amount
	(To close net income)
Choose a transaction date Jan. 1Jan. 5Feb. 1Mar. 1Apr. 1July 1July 31Dec. 1Dec. 31	Enter an account title to close stock dividends	enter a debit amount	enter a credit amount
	Enter an account title to close stock dividends	enter a debit amount	enter a credit amount
	(To close stock dividends)
Choose a transaction date Jan. 1Jan. 5Feb. 1Mar. 1Apr. 1July 1July 31Dec. 1Dec. 31	Enter an account title to close cash dividends	enter a debit amount	enter a credit amount
	Enter an account title to close cash dividends	enter a debit amount	enter a credit amount
	(To close cash dividends)

eTextbook and Media

List of Accounts

Save for Later

Last saved 2 hours ago.

Attempts: 0 of 3 used

Submit Answer

(b)

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

(c)

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