to On January 1 2017 Geffrey Corporation had the following s

to On January 1, 2017, Geffrey Corporation had the following stockholders equity accounts Retained Earmings 31 Issued the shares for the stock dividend. ndent manually Ino entry is required, select \"No Entry for the accpunt titles and enter O for the amounts. Record journal entries in the order presented MacBook Pro

Solution

Date Account Titles and Explanation Debit Credit 1-Dec Cash Dividends $53,240 Dividend Payable $53,240 (To record dividend payable) *(60,500 x 2 x 1.10) x $0.40 31-Dec Retained Earnings $113,740 Cash Dividends $113,740 (To close cash dividends) *$60,500 + $53240