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