Required information [The following information applies to the questions displayed below.] At the beginning of Year...

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Required information [The following information applies to the questions displayed below.] At the beginning of Year...

Required information

[The following information applies to the questions displayed below.]

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 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.)

Record the closure of service revenue.

Record the closure of expenses account.

Record the payment of dividends.

d-2. What is the amount of net income for the year?

Net income

business accounting

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Answer 1

Answer #1

d-1) Closing entry

No	General Journal	Debit	Credit
1	Service revenue	74500
	Retained earnings		74500
	(To close revenue)

2	Retained earnings	39000
	Operating expense		3000
	Salaries expense		36000
	(To close expense)

3	Retained earnings	8600
	Dividend		8600
	(To close dividend)

d-2) Net income = Revenue-Expense = 74500-39000 = 35500

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Answer 2

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