Business, 22.09.2020 15:01, Kookiexperfect9420
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:
a. Provided $185,000 of services on account.
b. Incurred $45,800 of operating expenses on account.
c. Collected $140,000 of accounts receivable.
d. Paid $120,000 cash for salaries expense.
e. Paid $31,400 cash as a partial payment on accounts payable.
f. Paid a $10,000 cash dividend to the stockholders.
Required:
Write down the beginning of balances and the transactions from Parts a&d to the appropriate accounts.
Answers: 2
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At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts:
Accou...
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