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    Journalizing Transactions and Closing Entries

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    Please help with the following problem. I do not understand what I am doing wrong. I have attempted this twice (these are the answers I thought were correct see below). I have all the other problems solved.

    Journalize the transactions and the closing entries for net income and dividends. (If no entry is required, select 'no entry' for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

    Dec 1 (142632 and 154518 are incorrect)
    Cash dividends
    Dividends Payable

    Dec 31 (244512 and 256398 are incorrect)
    Retained Earnings
    Cash Dividends
    (To close cash dividends)

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    Solution Preview

    I have reviewed the prior transactions instead of just the two dates you indicated, and I think the issue is about the stock dividend and the stock split. About the stock dividend, this occurred ...

    Solution Summary

    The following problem helps with problems involving journalizing transactions and closing entries. Concepts covered include cash dividends, dividends payable and retained earnings.