Acc102 Principles of Accounting: P14-1A On January 1, 2014, Geffrey Corporation had the following

Acc102 Principles of Accounting 
On January 1, 2014, Geffrey Corporation had the following stockholders’ equity accounts. 
Common Stock ($24 par value, 52,000 shares issued and outstanding) 1,248,000 
Paid-in Capital in Excess of Par—Common Stock 205,400 
Retained Earnings 630,000 

During the year, the following transactions occurred. 
Feb. 1 Declared a $2 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. 
1-Jul Declared a 14% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $14 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, 2015. 
31 Determined that net income for the year was $362,000 

a. Journalize the transactions and the closing entry for net income. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2. If there is no transaction, enter No entry as the account and 0 for the amount.) 
b. Enter the beginning balances, and post the entries to the stockholders' equity accounts. (If answer is zero, please enter 0. Do not leave any fields blank.) 
c. Complete the stockholders' equity section at December 31.
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