I need help with this problem. can please explain each step?

On January 1, 2014, Geffrey Corporation had the following stockholders' equity accounts.

Common Stock ($26par value,60,000 shares issued and outstanding)$1,560,000Paid-in Capital in Excess of ParCommon Stock203,200Retained Earnings577,000

During the year, the following transactions occurred.

Feb.1Declared a$1cash dividend per share to stockholders of record on February 15, payable March 1.Mar.1Paid the dividend declared in February.Apr.1Announced a 2-for-1 stock split. Prior to the split, the market price per share was$39.July1Declared a12%stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was$15per share.31Issued the shares for the stock dividend.Dec.1Declared a$0.40per share dividend to stockholders of record on December 15, payable January 5, 2015.31Determined that net income for the year was$378,000.

(a)

Journalize the transactions and the closing entries for net income and dividends.(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. 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

Feb. 1

Mar. 1

Apr. 1

July 1

July 31

Dec. 1

Dec. 31

(To close net income)

(To close stock dividends)

(To close cash dividends)

(b)

Enter the beginning balances, and post the entries to the stockholders' equity accounts. (Note:Open additional stockholders' equity accounts as needed.)(Post entries in the order of journal entries presented in the previous part.)

Common Stock

Date

Explanation

Ref

Debit

Credit

Balance

Balance

Adjusting

Common Stock Dividends Distributable

Date

Explanation

Ref

Debit

Credit

Balance

Paid-in Capital in Excess of ParCommon Stock

Date

Explanation

Ref

Debit

Credit

Balance

Balance

Retained Earnings

Date

Explanation

Ref

Debit

Credit

Balance

Balance

Net income

Stock dividend

Cash dividend

Cash Dividends

Date

Explanation

Ref

Debit

Credit

Balance

Stock Dividends

Date

Explanation

Ref

Debit

Credit

Balance

(c)

stockholders' equity section at December 31.(Enter account name only and do not provide descriptive information.)

GEFFREY CORPORATION

Balance Sheet (Partial)

December 31, 2014