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At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts:...

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:

  1. Provided $65,500 of services on account.
  2. Incurred $3,500 of operating expenses on account.
  3. Collected $46,800 of accounts receivable.
  4. Paid $39,100 cash for salaries expense.
  5. Paid $16,560 cash as a partial payment on accounts payable.
  6. Paid a $9,600 cash dividend to the stockholders.
  • Record the closure of service revenue.
  • Record the closure of expenses account.
  • Record the payment of dividends.
  • What is the amount of net income for the year?
business   accounting   
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Answer #1

Closing entry

No General Journal Debit Credit
1 Service revenue 65500
Retained earnings 65500
(To close revenue)
2 Retained earnings 42600
Operating expense 3500
Salaries expense 39100
(To close expense)
3 Retained earnings 9600
Dividend 9600
(To close dividend)

d) Net income = 65500-42600 = 22900

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