At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts:...

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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 cash dividend to the stockholders.

b & d. Post the beginning balances and the transactions from Parts a&d to the appropriate accounts.

Answer is not complete. What am I missing?

business accounting

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Answer 1

Answer #1

Dear Student,

Your answer is perfect, only one small thing that is missing is description of amount on the credit side of retained earnings account. The thing that has been highlighted in bold is missing

Retained earnings
Beg. Bal		34600
cl	165800	185000	cl
cl	10000
End. Bal		43800

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Answer 2

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