On January 1, 2019, Geffrey Corporation had the following stockholders’ equity accounts.Common Stock ($20 par value, 60,000 shares issued and outstanding) $1,200,000Paid-in Capital in Excess of Par—Common Stock 200,000Retained Earnings 600,000During 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, 2020.31 Determined that net income for the year was $350,000.(a) Journalize the transactions and the closing entries for net income and dividends. (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. Record journal entries in the order presented in the problem.) On January 1, 2019, Geffrey Corporation had the following stockholders' equity accounts.Common Stock ($20 par value, 60,000 shares issued and outstanding) $1,200,000Paid-in Capital in Excess of Par-Common Stock200,000Retained Earnings600,000During 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.JulyDeclared 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.(a)Journalize the transactions and the closing entries for net income and dividends. (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. Record journal entries in the order presented inthe problem.)

Journal entry: Journal entry is a set of economic events that can be measured in monetary terms.…

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. (a) Journalize the transactions and the closing entries for net income and dividends. (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. Record journal entries in the order presented in the problem.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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(a)

Journalize the transactions and the closing entries for net income and dividends. (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. Record journal entries in the order presented in the problem.)

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.
(a)
Journalize the transactions and the closing entries for net income and dividends. (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. Record journal entries in the order presented in
the problem.)

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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

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, 2020.
31		Determined that net income for the year was $350,000.