At the beginning of Year 1, Oak Consulting had the following normal balances in its accounts:...

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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	$	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 cash dividend to the stockholders.

d-1. Record the closing entries in the general journal. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

business accounting

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Answer 1

Answer #1

1	Accounts Receivable	68,000
	Service Revenue		68,000

2	Operating expenses	3,000
	Accounts Payable		3,000

3	Cash	49,100
	Accounts Receivable		49,100

4	Salaries expense	35,300
	Cash		35,300

5	Accounts Payable	12420
	Cash		12420


6	Dividends	8300
	Cash		8300

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Answer 2

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