Question

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 $ 26,900 18,600 10,800 23,400 11,300 The following events apply to Oak Consulting for Year 2: 1. Provided $68,000 of services on account. 2. Incurred $3,100 of operating expenses on account. 3. Collected $49,500 of accounts receivable. 4. Paid $37,400 cash for salaries expense. 5. Paid $12,510 cash as a partial payment on accounts payable. 6. Paid a $8,300 cash dividend to the stockholders.

Answer 1

- Cash | Begining Balance 426,9cm 3. 49,500_$37,400 / 4. $12,510 5. $ 8,300 | | Ending Balance 17,18,190|| - Accounts Receivable $18,600 Beg. Bal. $68,000 $49,500 | 3. I Ending Balance $37,100 Accounts, fayable $10, 800 Beg. Bal. 5 End. Bal. $19,510 $3100 $1390 Common stock 23,400 Beg. Bal. 1 Ending Balance & $23,400

Returned Cermings 11,300 Beg. Balo el $68,000 $40,500 $8,300 End. Bal $ 30,500 Dividends Beg. Bale $8,300 $8,300 6. Euro Bale Service Revenue - Beg. Balo $68.000 $68,000 ieri. . End Bal Operating Expenses beg. Bale - - $3.100 $ 3,100 - Aud. Bal- Salaries Expense Beg. Bal- 37,400 $37. You End-pael.

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