CALCULATOR PRINTER VERSION DACK NEXT ournalize the transactions. (nclude entries

Question

CALCULATOR PRINTER VERSION DACK NEXT ournalize the transactions. (nclude entries to close net income and dividends to Retained Earnings.) (Record entries in the order displayed in the problem statement. 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.) Date Account Titles and Explanation Debit Credit Jan. 15 Cash Dividends Dividends Payable ob. 15Dividends Payable Cash Apr. 15Stock Dividends Paid-in Capital in Excess of Par Value Common Stock May 15 Stock Dividends Distributable Common Stock Dec. 1 Dividends Payable Dec. 31 Income Summary Retained Eamings dose net Income) Dec. 31 Retained Eanings Stock Dividends To close stack dividends) Dec. 31 Retained Earnings Cash Dividends To close cash dividends)

Explanation / Answer

Common stock Jan-01 755000 May-15 75500 0 830500 Dec-31 830500 Retained earnings Dec-31 80030 Jan-01 685000 Dec-31 105700 Dec-31 413000 185730 1098000 Dec-31 912270 Paid in capital in excess of par value Jan-01 484500 Apr-15 30200 0 514700 Dec-31 514700 Cash Dividends Jan-15 30200 Dec-31 80030 Dec-01 49830 80030 80030 Common stock dividend distributable May-15 75500 Apr-15 75500 75500 75500 Stock dividend Apr-15 105700 Dec-31 105700 105700 105700

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