On January 1, 2019, Geffrey Corporation had the following stockholders' equity accounts. Common Stock ($20 par value, 60,000 shares issued and outstanding) $1,200,000 Paid-in Capital in Excess of Par-Common Stock 200,000 Retained Earnings 600,000 During the year, the following transactions occurred. Feb. Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. Mar. Paid the dividend declared in February. Apr. Announced a 2-for-1 stock split. Prior to the split, the market price per share was $36. July 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. Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2020. 31 Determined that net income for the year was $350,000. Enter the beginning balances, and post the entries to the stockholders' equity accounts. (Use T-accounts.) (Post entries in the order of journal entr presented in the previous part. Select the date for closing balances even in case of zero balance.) Common Stock Jan. 1 Bal. Retained Earning Paid-in Capital in Excess of Par Value-Common Common Stock Dividends Distributable Cash Dividends

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Enter the beginning balances, and post the entries to the stockholders’ equity accounts. (Use T-accounts.) (Post entries in the order of journal entries presented in the previous part. Select the date for closing balances even in case of zero balance.)

On January 1, 2019, Geffrey Corporation had the following stockholders' equity accounts.
Common Stock ($20 par value, 60,000 shares issued and outstanding) $1,200,000
Paid-in Capital in Excess of Par-Common Stock
200,000
Retained Earnings
600,000
During the year, the following transactions occurred.
Feb.
Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1.
Mar.
Paid the dividend declared in February.
Apr.
Announced a 2-for-1 stock split. Prior to the split, the market price per share was $36.
July
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.
Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2020.
31 Determined that net income for the year was $350,000.
Transcribed Image Text:On January 1, 2019, Geffrey Corporation had the following stockholders' equity accounts. Common Stock ($20 par value, 60,000 shares issued and outstanding) $1,200,000 Paid-in Capital in Excess of Par-Common Stock 200,000 Retained Earnings 600,000 During the year, the following transactions occurred. Feb. Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. Mar. Paid the dividend declared in February. Apr. Announced a 2-for-1 stock split. Prior to the split, the market price per share was $36. July 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. Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2020. 31 Determined that net income for the year was $350,000.
Enter the beginning balances, and post the entries to the stockholders' equity accounts. (Use T-accounts.) (Post entries in the order of journal entr
presented in the previous part. Select the date for closing balances even in case of zero balance.)
Common Stock
Jan. 1 Bal.
Retained Earning
Paid-in Capital in Excess of Par Value-Common
Common Stock Dividends Distributable
Cash Dividends
Transcribed Image Text:Enter the beginning balances, and post the entries to the stockholders' equity accounts. (Use T-accounts.) (Post entries in the order of journal entr presented in the previous part. Select the date for closing balances even in case of zero balance.) Common Stock Jan. 1 Bal. Retained Earning Paid-in Capital in Excess of Par Value-Common Common Stock Dividends Distributable Cash Dividends
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