On January 1- 2014- Geffrey Corporation had the following stockholders.docx

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Solution Date Explanation Debit Credit 1-Feb Retained earnings $60,000 Dividend Payable $60,000 1-Mar Dividend Payable $60,000 Cash $60,000 1-Apr No entry is required 1-Jul Retained Earnings $78,000 Paid in capital in excess of par $42,000 Common Stock Distributable $120,000 31-Jul Common Stock Distributable $120,000 Common Stock $120,000 1-Dec Retained earnings $33,000 Dividend payable $33,000 31-Dec Income summary $350,000 Retained earnings $350,000 .

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On January 1, 2014, Geffrey Corporation had the following stockholders
On January 1, 2014, Geffrey Corporation had the following stockholders
Solution
Date Explanation Debit Credit 1-Feb Retained earnings $60,000 Dividend Payable $60,000 1-
Mar Dividend Payable $60,000 Cash $60,000 1-Apr No entry is required 1-Jul Retained
Earnings $78,000 Paid in capital in excess of par $42,000 Common Stock Distributable
$120,000 31-Jul Common Stock Distributable $120,000 Common Stock $120,000 1-Dec
Retained earnings $33,000 Dividend payable $33,000 31-Dec Income summary $350,000
Retained earnings $350,000

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