At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Account Balance Cash $ 30,400 Accounts receivable 21,100 Accounts payable 14,200 Common stock 22,400 Retained earnings 14,900 The following events apply to Oak Consulting for Year 2: Provided $69,500 of services on account. Incurred $2,900 of operating expenses on account. Collected $46,600 of accounts receivable. Paid $30,100 cash for salaries expense. Paid $15,390 cash as a partial payment on accounts payable. Paid a $8,300 cash dividend to the stockholders. rev: 11_21_2018_QC_CS-149034 b & d. Post the beginning balances and the transactions from Parts a&d to the appropriate accounts.
At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Account Balance Cash $ 30,400 Accounts receivable 21,100 Accounts payable 14,200 Common stock 22,400 Retained earnings 14,900 The following events apply to Oak Consulting for Year 2: Provided $69,500 of services on account. Incurred $2,900 of operating expenses on account. Collected $46,600 of accounts receivable. Paid $30,100 cash for salaries expense. Paid $15,390 cash as a partial payment on accounts payable. Paid a $8,300 cash dividend to the stockholders. rev: 11_21_2018_QC_CS-149034 b & d. Post the beginning balances and the transactions from Parts a&d to the appropriate accounts.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts:
| Account | Balance | |
| Cash | $ | 30,400 |
| 21,100 | ||
| Accounts payable | 14,200 | |
| Common stock | 22,400 | |
| 14,900 | ||
The following events apply to Oak Consulting for Year 2:
- Provided $69,500 of services on account.
- Incurred $2,900 of operating expenses on account.
- Collected $46,600 of accounts receivable.
- Paid $30,100 cash for salaries expense.
- Paid $15,390 cash as a partial payment on accounts payable.
- Paid a $8,300 cash dividend to the stockholders.
rev: 11_21_2018_QC_CS-149034
b & d. Post the beginning balances and the transactions from Parts a&d to the appropriate accounts.
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