Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please help out with the bottom image thank you Enter the beginning balances, and post the entries to the stockholders equity accounts. ( Note: Open
Please help out with the bottom image thank you
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.)
Problem 11-4A (Part Level Submission) On January 1, 2017, Geffrey Corporation had the following stockholders' equity accounts. Common Stock ($20 par value, 60,000 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings $1,200,000 200,000 600,000 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 $36. 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 $13 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, 2018. 31 Determined that net income for the year was $350,000. Date Account Titles and Explanation Debit Credit ITCash Dividends 60,000 Dividends Payable 60,000 Mar. 1 TDividends Payable Cash 60,000 Apr.1 No Entry 120,000 120,000 July 1 Stock Dividends 156,000 I Common Stock Dividen 120,000 Paid-in Capital in Exces 36,000 July 31 Common Stock Dividends 120,000 Common Stock 120,000 Dec. 1 TCash Dividends 66,000 Dividends Payable 66,000 Dec. 31 - Income Summary 350,000 350,000 T Retained Earnings (To close net income) Dec. 3 Retained Earnings 156,000 156,000 I Stock Dividends (To close stock dividends) Dec. 31 - TRetained Earnings T 1 26,000 T Common STOCK Date Explanation Ref. Balance Debit Credit Balance Common Stock Dividends Distributable Date Explanation Ref. Debit Credit Balance Paid-in Capital in Excess of Par-Common Stock Date Explanation Ref. Debit Balance Credit Balance Retained Earnings Date Explanation Ref. Balance Debit Credit Balance Net income Stock dividend Cash dividend Cash Dividends Date Explanation Ref. Debit Credit Balance Stock Dividends Date Explanation Ref. Debit Credit BalanceStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started