At the beginning of Year 1, Oak Consulting had the following
normal balances in its accounts:
Account | Balance | |
Cash | $ | 29,200 |
Accounts receivable | 16,400 | |
Accounts payable | 12,200 | |
Common stock | 20,200 | |
Retained earnings | 13,200 | |
The following events apply to Oak Consulting for Year 1:
b & d. Post the beginning balances and the transactions from Parts a&d to the appropriate accounts.
|
Cash | Accounts Receivable | |||||||
Beg. Bal | 29200 | Salaries expense | 36000 | Beg. Bal | 16400 | Cash | 50000 | |
Account receivable | 50000 | Accont payable | 13680 | revenue | 74500 | |||
Dividend | 8600 | |||||||
79200 | 79200 | 90900 | 90900 | |||||
End. Bal | 20920 | End. Bal | 40900 | |||||
Accounts Payable | Common Stock | |||||||
Beg. Bal | 12200 | Beg. Bal | 20200 | |||||
Cash | 13680 | Operating expense | 3000 | |||||
15200 | 15200 | |||||||
End. Bal | 1520 | End. Bal | 20200 | |||||
Retained Earnings | Dividends | |||||||
Beg. Bal | 13200 | Beg. Bal | 0 | |||||
Cash | 8600 | |||||||
End. Bal | 13200 | Bal | 8600 | |||||
Service Revenue | Operating Expenses | |||||||
Beg. Bal | 0 | Beg. Bal | 0 | |||||
Account receivable | 74500 | Account payable | 3000 | |||||
End. Bal | 74500 | End. Bal | 3000 | |||||
Salaries Expense | ||||||||
Beg. Bal | 0 | |||||||
Cash | 36000 | |||||||
End. Bal | 36000 |
At the beginning of Year 1, Oak Consulting had the following normal balances in its accounts:...
At the beginning of Year 1, Oak Consulting had the following normal balances in its accounts: Account Balance Cash $ 29,200 Accounts receivable 16,400 Accounts payable 12,200 Common stock 20,200 Retained earnings 13,200 The following events apply to Oak Consulting for Year 1: Provided $74,500 of services on account. Incurred $3,000 of operating expenses on account. Collected $50,000 of accounts receivable. Paid $36,000 cash for salaries expense. Paid $13,680 cash as a partial payment on accounts payable. Paid a $8,600...
At the beginning of Year 1, Oak Consulting had the following normal balances in its accounts: Account Balance Cash $ 29,200 Accounts receivable 16,400 Accounts payable 12,200 Common stock 20,200 Retained earnings 13,200 The following events apply to Oak Consulting for Year 1: Provided $74,500 of services on account. Incurred $3,000 of operating expenses on account. Collected $50,000 of accounts receivable. Paid $36,000 cash for salaries expense. Paid $13,680 cash as a partial payment on accounts payable. Paid a $8,600...
At the beginning of Year 1, Oak Consulting had the following normal balances in its accounts: Account Balance Cash $ 32,200 Accounts receivable 16,600 Accounts payable 10,500 Common stock 27,400 Retained earnings 10,900 The following events apply to Oak Consulting for Year 1: Provided $67,000 of services on account. Incurred $2,900 of operating expenses on account. Collected $48,400 of accounts receivable. Paid $37,500 cash for salaries expense. Paid $12,060 cash as a partial payment on accounts payable. Paid a $10,000...
At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Account Balance Cash $ 42,000 Accounts receivable 25,000 Accounts payable 8,400 Common stock 24,000 Retained earnings 34,600 The following events apply to Oak Consulting for Year 2: Provided $185,000 of services on account. Incurred $45,800 of operating expenses on account. Collected $140,000 of accounts receivable. Paid $120,000 cash for salaries expense. Paid $31,400 cash as a partial payment on accounts payable. Paid a $10,000...
At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Account Cash Accounts receivable Accounts payable Common stock Retained earnings Balance $ 29,900 21,400 11,400 26,300 13,600 The following events apply to Oak Consulting for Year 2: 1. Provided $74,700 of services on account. 2. Incurred $3,500 of operating expenses on account. 3. Collected $47,700 of accounts receivable. 4. Paid $39,000 cash for salaries expense. 5. Paid $13,410 cash as a partial payment on...
At the beginning of Year 1, Oak Consulting had the following normal balances in its accounts: Account Balance Cash $ 32,900 Accounts receivable 15,900 Accounts payable 10,800 Common stock 24,200 Retained earnings 13,800 The following events apply to Oak Consulting for Year 1: Provided $68,000 of services on account. Incurred $3,000 of operating expenses on account. Collected $49,100 of accounts receivable. Paid $35,300 cash for salaries expense. Paid $12,420 cash as a partial payment on accounts payable. Paid a $8,300...
At the beginning of Year 1, Oak Consulting had the following normal balances in its accounts: Account Balance Cash $ 32,200 Accounts receivable 16,600 Accounts payable 10,500 Common stock 27,400 Retained earnings 10,900 The following events apply to Oak Consulting for Year 1: Provided $67,000 of services on account. Incurred $2,900 of operating expenses on account. Collected $48,400 of accounts receivable. Paid $37,500 cash for salaries expense. Paid $12,060 cash as a partial payment on accounts payable. Paid a $10,000...
At the beginning of Year 1, Oak Consulting had the following normal balances in its accounts: Account Balance Cash $ 32,900 Accounts receivable 15,900 Accounts payable 10,800 Common stock 24,200 Retained earnings 13,800 The following events apply to Oak Consulting for Year 1: Provided $68,000 of services on account. Incurred $3,000 of operating expenses on account. Collected $49,100 of accounts receivable. Paid $35,300 cash for salaries expense. Paid $12,420 cash as a partial payment on accounts payable. Paid a $8,300...
At the beginning of Year 1, Oak Consulting had the following normal balances in its accounts: Account Balance Cash $ 32,900 Accounts receivable 15,900 Accounts payable 10,800 Common stock 24,200 Retained earnings 13,800 The following events apply to Oak Consulting for Year 1: Provided $68,000 of services on account. Incurred $3,000 of operating expenses on account. Collected $49,100 of accounts receivable. Paid $35,300 cash for salaries expense. Paid $12,420 cash as a partial payment on accounts payable. Paid a $8,300...
At the beginning of Year 1, Oak Consulting had the following normal balances in its accounts: Account Balance Cash $ 32,900 Accounts receivable 15,900 Accounts payable 10,800 Common stock 24,200 Retained earnings 13,800 The following events apply to Oak Consulting for Year 1: Provided $68,000 of services on account. Incurred $3,000 of operating expenses on account. Collected $49,100 of accounts receivable. Paid $35,300 cash for salaries expense. Paid $12,420 cash as a partial payment on accounts payable. Paid a $8,300...