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:
b & d. Post the beginning balances and the
transactions from Parts a&d to the appropriate
accounts.
Cash Account
Date |
Particulars |
Amount |
Date |
Particulars |
Amount |
Year 1 |
Balance b/d |
$32900 |
Year 1 |
Salary Expense |
$35300 |
Account Receivable |
$49100 |
Account Payable |
$12420 |
||
Retained Earnings |
$8300 |
||||
Year 1 |
Balance c/d |
$25980 |
|||
$82000 |
$82000 |
||||
Year 2 |
Balance b/d |
$25980 |
Account Receivable Account
Date |
Particulars |
Amount |
Date |
Particulars |
Amount |
Year 1 |
Balance b/d |
$15900 |
Year 1 |
Cash account |
$49100 |
Service Revenue |
$68000 |
Year 1 |
Balance c/d |
$34800 |
|
$83900 |
$83900 |
||||
Year 2 |
Balance b/d |
$34800 |
Account Payable Account
Date |
Particulars |
Amount |
Date |
Particulars |
Amount |
Year 1 |
Cash Account |
$12420 |
Year 1 |
Balance b/d |
$10800 |
Year 1 |
Balance c/d |
$1380 |
Operating Expense |
$3000 |
|
$13800 |
$13800 |
||||
Year 2 |
Balance b/d |
$1380 |
Common Stock Account
Date |
Particulars |
Amount |
Date |
Particulars |
Amount |
Year 1 |
Balance c/d |
$24200 |
Year 1 |
Balance b/d |
$24200 |
$24200 |
$24200 |
||||
Year 2 |
Balance b/d |
$24200 |
Retained Earnings Account
Date |
Particulars |
Amount |
Date |
Particulars |
Amount |
Year 1 |
Cash Dividend |
$8300 |
Year 1 |
Balance b/d |
$13800 |
Year 1 |
Balance c/d |
$5500 |
|||
$13800 |
$13800 |
||||
Year 2 |
Balance b/d |
$5500 |
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...
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...
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...
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...
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...
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...
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...
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...
At the beginning of Year 1, Oak Consulting had the following normal balances in its accounts: Account Balance Cash $ 32,200 Accounts receivable 16,600 Accounts payable 10,500 Common stock 27,400 Retained earnings 10,900 The following events apply to Oak Consulting for Year 1: Provided $67,000 of services on account. Incurred $2,900 of operating expenses on account. Collected $48,400 of accounts receivable. Paid $37,500 cash for salaries expense. Paid $12,060 cash as a partial payment on accounts payable. Paid a $10,000...
At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Account Balance Cash $ 31,800 Accounts receivable 20,900 Accounts payable 14,900 Common stock 23,900 Retained earnings 13,900 The following events apply to Oak Consulting for Year 2: Provided $65,500 of services on account. Incurred $3,500 of operating expenses on account. Collected $46,800 of accounts receivable. Paid $39,100 cash for salaries expense. Paid $16,560 cash as a partial payment on accounts payable. Paid a $9,600...