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Please help. CALCULATOR PRINTER Problem 11-4A (Part Level Submission) On January 1, 2015, Geffrey Corporation had the following stockholders' equity accounts. Common Stock ($24 par
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CALCULATOR PRINTER Problem 11-4A (Part Level Submission) On January 1, 2015, Geffrey Corporation had the following stockholders' equity accounts. Common Stock ($24 par value, 50,000 shares issued and outstanding) $1,200,000 Paid-in Capital in Excess of Par-Common Stock 207,200 Retained Earnings 571,000 During the year, the following transactions occurred. Feb. 1 Declared a $3 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 13% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $15 per share. 31 Issued the shares for the stock dividend. Dec. 1 Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2016. 31 Determined that net income for the year was $395,000. (a) har 2 Journalize the transactions and the closing entries for net income and dividends. (Credit account titles are automat manually. If no entry is required, select "No entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Feb. 1 Cash Dividends 150000 Dividends Payable 150000 Mar. 15 Dividends Payable 150000 Cash 150000 Apr. 1 No Entry No Entry July 15 Stock Dividends 195000 Common Stock Dividen 156000 Paid-in Capital in Exces 39000 July 31 Common Stock Dividends 156000 Common Stock 156000 Dec. 19 Cash Dividends 56500 Dividends Payable 56500 JS Weygandt, Financial Accounting, 9e Help System Announcements Dividends Payable 56500 Dec. 31 Income Summary 395000 395000 Retained Earnings (To close net income) Retained Earnings 195000 195000 Stock Dividends (To close stock dividends) dy Retained Earnings 206500 206500 Cash Dividends (To close cash dividends) SHOW LIST OF ACCOUNTS SHOW SOLUTION LINK TO TEXT LINK TO TEXT (b) Enter the beginning balances, and post the entries to the stockholders' equity accounts. (Note: Open additional stockholders' equ of journal entries presented in the previous part.) Common Stock Date Explanation Ref Debit Credit Balance Jan. 1 Balance July 31 Adjusting Common Stock Dividends Distributable Date Explanation Rel Debit Credit Balance July 17 July 31 Paid-in Capital in Excess of Par Common Stock Date Explanation Ref Debit Credit Balance Jan. 1 Balance July 1 Retained Earnings Date Explanation Rel Debit Credit Balance Jan. 1 Balance CES Jan. 1 Balance Dec, 31 v Net income Dec. 31 Stock dividend Dec. 31 v Cash dividend Cash Dividends Date Explanation Ref Debit Credit Balance dy Stock Dividends Date Explanation Ref Debit Credit Balance SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Step by Step Solution
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