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:
Trial balance
| Debit | Credit | |
| Cash (32900+49100-35300-12420-8300) | 25980 | |
| Account receivable (15900+68000-49100) | 34800 | |
| Account payable (10800+3000-12420) | 1380 | |
| Common Stock | 24200 | |
| Retained earnings | 35200 | |
| Total | 60780 | 60780 |
Retained earnings = 68000-3000-35300-8300+13800 = 35200
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...