Prepare dividend entries and stockholders' equity section.(LO 1, 3)
On January 1, 2014, 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.
Instructions :
|
(a)
|
Journalize the transactions and the closing entries for net income and dividends.
|
|
(b)
|
Enter the beginning balances, and post the entries to the stockholders' equity accounts. (Note: Open additional stockholders' equity accounts as needed.)
|
|
(c)
|
Prepare a stockholders' equity section at December 31.
|