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.

c. Show the effect of above adjustment in a horizontal statements model

Answer is not complete. Net Income OAK CONSULTING Effect of Transactions on the Financial Statements for Year 2 Balance Sheet

business accounting

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OAK CONSULTING Effect of transactions on the Financial Statements for Year 2 Balance Sheet Liabilities Stockholders Equity R

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