At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts. Account Balance Cash $26,100 Accounts receivable 17,100 Accounts payable 11,300 Common stock 17,000 Retained earnings 14,900 The following events apply to Oak Consulting for Year 2: Provided $74,500 of services on account. Incurred $2,700 of operating expenses on account. Collected $50,500 of accounts receivable. Paid $34,500 cash for salaries expense. Paid $12,600 cash as a partial payment on accounts payable. Paid a $9,300 cash dividend to the stockholders. Required Record these transactions in a general journal. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business…