Question

HW Saved Help Save & E Che Required information (The following information applies to the questions displayed below.) 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 $ 31,400 20,400 14.100 25,600 12,100 The following events apply to Oak Consulting for Year 2: 1. Provided $73,800 of services on account. 2. Incurred $3,400 of operating expenses on account. 3. Collected $45,300 of accounts receivable. 4. Paid $38,900 cash for salaries expense. 5. Paid $15,750 cash as a partial payment on accounts payable. 6. Paid a $8,700 cash dividend to the stockholders Required Record these events in a general journal. (If no entry is required for a transaction/event, select "No journal entry required" in first account field.)

Answer 1

Credit Event Account titles and Explanation Debit 1 Accounts receivable $ 73,800 Service revenue (To record the service revenue on account) $ 73,800 2 Operating expenses $ 3,400 Accounts payable (To record the operating expenses on account) $ 3,400 3 Cash $ 45,300 Accounts receivable (To record the accounts receivables collected) $ 45,300 $ 38,900 4 Salaries expenses Cash (To record the salaries paid) $ 38,900 $ 15,750 5 Accounts payable Cash (To record the accounts payable paid) $ 15,750 $ 8,700 6 Dividends Cash |(To record the dividends paid) $ 8,700