During the year the following transactions occurred

Reference no: EM131012459

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.

Reference no: EM131012459

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