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 14,400 26,400 10,600 Accounts receivable. Accounts payable Common stock Retained earnings 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. -1. Record the closing entries in the general journal (and post them to the T-accounts). -2. What is the amount of net income for the year?
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 14,400 26,400 10,600 Accounts receivable. Accounts payable Common stock Retained earnings 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. -1. Record the closing entries in the general journal (and post them to the T-accounts). -2. What is the amount of net income for the year?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
14,400
26,400
10,600
Accounts receivable
Accounts payable
Common stock
Retained earnings
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.
d-1. Record the closing entries in the general journal (and post them to the T-accounts).
d-2. What is the amount of net income for the year?
Complete this question by entering your answers in the tabs below.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa044b0f6-28fd-4da6-8af5-7b387b624f6f%2F72082792-dfb4-4605-81f4-4436692a27f8%2Ffntx0gi_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
Balance
$28,500
22,900
14,400
26,400
10,600
Accounts receivable
Accounts payable
Common stock
Retained earnings
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.
d-1. Record the closing entries in the general journal (and post them to the T-accounts).
d-2. What is the amount of net income for the year?
Complete this question by entering your answers in the tabs below.
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