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At the beginning of 2016, 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's Consulting for 2016:
1. Provided $185,000 of services on account.
2. Incurred $45,800 of operating expenses on account.
3. Collected $140,000 of accounts receivable.
4. Paid $120,000 cash for salaries expense.
5. Paid $31,400 cash as a partial payment on accounts payable.
6. Paid an $10,000 cash dividend to the stockholders.c. Record the beginning balances and the events in a horizontal statements model such as the following one: (In the Cash Flow
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Answer #1

- OAK CONSULTING Effect of Transaction on the Financial Statements for 2016 Balance Sheet Income Statement Statement of Cash

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