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Required Information [The following information applies to the questions displayed below.) At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts. Account Cash Balance $28,500 22,900 Accounts receivable. 14,400 Accounts payable Common stock 26,400 Retained earnings 10,600 The following events apply to Oak Consulting for Year 2: 1. Provided $67,000 of services on account. 2. Incurred $3,100 of operating expenses on account. 3. Collected $45,800 of accounts receivable. 4. Paid $37,300 cash for salaries expense. 5. Paid $15,750 cash as a partial payment on accounts payable. 6. Paid a $8,300 cash dividend to the stockholders. b. & d. Post the beginning balances and the transactions from Part a to the appropriate accounts. Later, post the closing entries from Part d. Accounts Receivable

Required Information [The following information applies to the questions displayed below.) At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts. Account Cash Balance $28,500 22,900 Accounts receivable. 14,400 Accounts payable Common stock 26,400 Retained earnings 10,600 The following events apply to Oak Consulting for Year 2: 1. Provided $67,000 of services on account. 2. Incurred $3,100 of operating expenses on account. 3. Collected $45,800 of accounts receivable. 4. Paid $37,300 cash for salaries expense. 5. Paid $15,750 cash as a partial payment on accounts payable. 6. Paid a $8,300 cash dividend to the stockholders. b. & d. Post the beginning balances and the transactions from Part a to the appropriate accounts. Later, post the closing entries from Part d. Accounts Receivable

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Part d. Beg. Bal End. Bal. Beg. Bal End. Bal Beg. Bal End, Bal Beg. Bal End. Bal Beg. Bal was the beginning walonces and the transactions on all to the appropriate accounts. Later, End. Bal Cash Accounts Payable Retained Earnings Service Revenue Salaries Expense Beg. Bal End. Bal Beg: Bal End. Bal Bog. Bal End. Bal Beg. Bal End. Bal Accounts Receivable Common Stock Dividends Operating Expenses ++
Transcribed Image Text:Part d. Beg. Bal End. Bal. Beg. Bal End. Bal Beg. Bal End, Bal Beg. Bal End. Bal Beg. Bal was the beginning walonces and the transactions on all to the appropriate accounts. Later, End. Bal Cash Accounts Payable Retained Earnings Service Revenue Salaries Expense Beg. Bal End. Bal Beg: Bal End. Bal Bog. Bal End. Bal Beg. Bal End. Bal Accounts Receivable Common Stock Dividends Operating Expenses ++
Required Information [The following information applies to the questions displayed below.) 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 The following events apply to Oak Consulting for Year 2: Balance $28,500 22,900 14,400 26,400 10,600 1. Provided $67,000 of services on account. 2. Incurred $3,100 of operating expenses on account. 3. Collected $45,800 of accounts receivable. 4. Paid $37,300 cash for salaries expense. 5. Paid $15,750 cash as a partial payment on accounts payable. 6. Paid a $8,300 cash dividend to the stockholders. b. & d. Post the beginning balances and the transactions from Part a to the appropriate accounts. Later, post the closing entries from Part d. Beg. Bal Cash Beg. Bal Accounts Receivable
Transcribed Image Text:Required Information [The following information applies to the questions displayed below.) 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 The following events apply to Oak Consulting for Year 2: Balance $28,500 22,900 14,400 26,400 10,600 1. Provided $67,000 of services on account. 2. Incurred $3,100 of operating expenses on account. 3. Collected $45,800 of accounts receivable. 4. Paid $37,300 cash for salaries expense. 5. Paid $15,750 cash as a partial payment on accounts payable. 6. Paid a $8,300 cash dividend to the stockholders. b. & d. Post the beginning balances and the transactions from Part a to the appropriate accounts. Later, post the closing entries from Part d. Beg. Bal Cash Beg. Bal Accounts Receivable
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