OAK CONSULTING Post-Closing Trial Balance As of December 31, Year 2 Account Titles Debit Credit Totals
OAK CONSULTING Post-Closing Trial Balance As of December 31, Year 2 Account Titles Debit Credit Totals
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:f. Prepare a post-closing trial balance.
OAK CONSULTING
Post-Closing Trial Balance
As of December 31, Year 2
Account Titles
Debit
Credit
Totals
![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
Balance
$ 27,500
18,000
13,200
19,100
13,200
The following events apply to Oak Consulting for Year 2:
1. Provided $71,700 of services on account.
2. Incurred $3,400 of operating expenses on account.
3. Collected $46,200 of accounts receivable.
4. Paid $30,100 cash for salaries expense.
5. Paid $14,940 cash as a partial payment on accounts payable.
6. Paid a $9,400 cash dividend to the stockholders.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb75e2346-ebf2-4e14-802c-14c74b6109ef%2F63cae545-9d42-4b49-b52a-aad1da2b5bd0%2Faw165w6_processed.jpeg&w=3840&q=75)
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
Balance
$ 27,500
18,000
13,200
19,100
13,200
The following events apply to Oak Consulting for Year 2:
1. Provided $71,700 of services on account.
2. Incurred $3,400 of operating expenses on account.
3. Collected $46,200 of accounts receivable.
4. Paid $30,100 cash for salaries expense.
5. Paid $14,940 cash as a partial payment on accounts payable.
6. Paid a $9,400 cash dividend to the stockholders.
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