At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts. Balance $33,000 17,100 14,500 21,700 13,900 Account Cash Accounts receivable Accounts payable Common stock Retained earnings The following events apply to Oak Consulting for Year 2: 1. Provided $70,400 of services on account. 2. Incurred $3,200 of operating expenses on account. 3. Collected $48,300 of accounts receivable. 4. Paid $34,500 cash for salaries expense. 5. Paid $15,930 cash as a partial payment on accounts payable. 6. Paid a $9,200 cash dividend to the stockholders.

1. Post-closing trial balance include all of the following account, except a. assetb. liabilitiesc. capitald. withdrawal   2. Which adjusting journal entries are subject to reversing entries? a. Accrual of incomeb. Deferral of income – liability methodc. Deferral of expense – asset methodd. Depreciation expense   3. On column 7 and 8 of worksheet or the Income Statement columns, what is the financial performance if debit is greater than credit? a. Breakevenb. Net Incomec. Net Lossd. Gross Income   4. On column 9 and 10 of worksheet or the Balance Sheet columns, what is the difference if debit is greater than credit? a. Breakevenb. Net Incomec. Net Lossd. Gross Income

The Income Summary is always closed into the Capital account by the amount of:  Select one: Revenue minus expenses Total assets minus total liabilities plus owner’s equity The Net Income from the previous year’s closed accounts Liabilities minus Capital plus drawings

Which of the following entries properly closes a temporary account? Select one: a. Income Summary XX Cash b. C. Debit Credit Expense Accumulated Depreciation XX Income Summary Income Summary d. e. XX Retained Earnings XX Dividends Debit Credit Debit Credit XX Debit Credit Income Summary XX Revenue XX XX Debit Credit XX XX