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Exercise $3-22$A $($Static$)$ Recording events in the general journal, posting to T$-$accounts, and preparing closing entries LO $3-1,3-2,3-3,3-4$

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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 $2$:

Provided $$185,000$ of services on account.

Incurred $$45,800$ of operating expenses on account.

Collected $$140,000$ of accounts receivable.

Paid $$120,000$ cash for salaries expense.

Paid $$31,400$ cash as a partial payment on accounts payable.

Paid a $$10,000$ cash dividend to the stockholders.

Exercise $3-22$A $($Static$)$ Part a