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.

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.

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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