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 Cash Accounts receivable Accounts payable Common stock Retained earnings Balance $ 30,000 23, 200 10, 200 31,400 11,600 The following events apply to Oak Consulting for Year 2: 1. Provided $66,700 of services on account. 2. Incurred $2,600 of operating expenses on account. 3. Collected $47,600 of accounts receivable. 4. Paid $31,900 cash for salaries expense. 5. Paid $11,520 cash as a partial payment on accounts payable. 6. Paid a $8,700 cash dividend to the stockholders. b & d. Post the beginning balances and the transactions from Parts a and d to the appropriate accounts. Beginning Balance 3. Debit Ending Balance 30,000 47,600 25,480 Cash 31,900 11,520 8,700 Credit 4. 5. 6. X Answer is not complete. Debit Beginning Balance 1. Ending Balance Accounts Receivable 23,200 66,700 42,300 47,600 Credit 3. ▶ ! Required information Beginning Balance 5. Debit Ending Balance Accounts Payable 11,520 0 0 8,920 Credit 2,600 2. 0 0 Debit Beginning Balance Ending Balance Common Stock 0 0 31,400 0 0 31,400 Credit Required information Beginning Balance Debit Ending Balance Retained Earnings 8,700 34,500 0 11,600 66,700 0 35,100 Credit Debit Beginning Balance 6. Ending Balance Dividends 8,700 0 0 8,700 Credit Beginning Balance Debit Ending Balance Service Revenue 66,700 0 0 66,700 0 Credit 1. Debit Beginning Balance 2. Ending Balance Operating Expenses 2,600 0 0 2,600 0 Credit Ending Balance Beginning Balance 4. Debit Ending Balance Salaries Expense 31,900 31,900 Credit Ending Balance At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Account Cash Accounts receivable Accounts payable Common stock Retained earnings Balance $ 30,000 23, 200 10, 200 31,400 11,600 The following events apply to Oak Consulting for Year 2: 1. Provided $66,700 of services on account. 2. Incurred $2,600 of operating expenses on account. 3. Collected $47,600 of accounts receivable. 4. Paid $31,900 cash for salaries expense. 5. Paid $11,520 cash as a partial payment on accounts payable. 6. Paid a $8,700 cash dividend to the stockholders. b & d. Post the beginning balances and the transactions from Parts a and d to the appropriate accounts. Beginning Balance 3. Debit Ending Balance 30,000 47,600 25,480 Cash 31,900 11,520 8,700 Credit 4. 5. 6. X Answer is not complete. Debit Beginning Balance 1. Ending Balance Accounts Receivable 23,200 66,700 42,300 47,600 Credit 3. ▶ ! Required information Beginning Balance 5. Debit Ending Balance Accounts Payable 11,520 0 0 8,920 Credit 2,600 2. 0 0 Debit Beginning Balance Ending Balance Common Stock 0 0 31,400 0 0 31,400 Credit Required information Beginning Balance Debit Ending Balance Retained Earnings 8,700 34,500 0 11,600 66,700 0 35,100 Credit Debit Beginning Balance 6. Ending Balance Dividends 8,700 0 0 8,700 Credit Beginning Balance Debit Ending Balance Service Revenue 66,700 0 0 66,700 0 Credit 1. Debit Beginning Balance 2. Ending Balance Operating Expenses 2,600 0 0 2,600 0 Credit Ending Balance Beginning Balance 4. Debit Ending Balance Salaries Expense 31,900 31,900 Credit Ending Balance