Question

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:

  1. Provided $68,000 of services on account.
  2. Incurred $3,000 of operating expenses on account.
  3. Collected $49,100 of accounts receivable.
  4. Paid $35,300 cash for salaries expense.
  5. Paid $12,420 cash as a partial payment on accounts payable.
  6. Paid a $8,300 cash dividend to the stockholders.

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

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Answer #1

                                                                                    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

                                                                  

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