Journalize the transactions and the closing entries

Reference no: EM131012589

On January 1, 2014, Chen Corporation had the following stockholders' equity accounts.

Common Stock ($5 par value, 200,000 shares issued and outstanding)	$1,000,000
Paid-in Capital in Excess of Par—Common Stock	200,000
Retained Earnings	840,000

During the year, the following transactions occurred.

Instructions:

Journalize the transactions and the closing entries for net income and dividends.

Enter the beginning balances, and post the entries to the stockholders' equity accounts. (Note: Open additional stockholders' equity accounts as needed.)

Prepare a stockholders' equity section at December 31.Total stockholders' equity $1,870,000

Reference no: EM131012589

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