question archive Required information [The following information applies to the questions displayed below
Required information [The following information applies to the questions displayed below
Subject:BusinessPrice: Bought3
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 Balance Cash $28,400 Accounts receivable 19,800 Accounts payable 13,900 Common stock 22,200 Retained earnings 12,100 The following events apply to Oak Consulting for Year 2: 1. Provided $67,500 of services on account. 2. Incurred $2,700 of operating expenses on account. 3. Collected $50,200 of accounts receivable. 4. Paid $39,300 cash for salaries expense. 5. Paid $14,940 cash as a partial payment on accounts payable. 6. Paid a $8,300 cash dividend to the stockholders. c. Show the beginning balances and the transactions in a horizontal statements model (Enter any decreases to account balances and cash outflows with a minus sign. In the Statement of Cash Flows column, use the initials OA to designate operating activity, IA for investing activity, FA for financing activity, and NC for net change in cash. Not all cells require input.) OAK CONSULTING Effect of Transactions on the Financial Statements for Year 2 Balance Sheet Income Statement Liabilities Stockholders' Equity Accounts Common Retained Revenue Payable - Not Income Stock Earnings Expenses No Statement of Cash Flows Assets Accounts Cash Receivable 28.400 Bal 1 2 3 4 5 6 Bal 28.400 0 0 View transaction list Journal entry worksheet < A B ? Record the closing entry for revenues. Note: Enter debits before credits Event General Journal 1 Debit Credit At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts. Account Balance Cash $28,400 Accounts receivable 19,800 Accounts payable 13,900 Common stock 22,200 Retained earnings 12,100 The following events apply to Oak Consulting for Year 2: 1. Provided $67,500 of services on account. 2. Incurred $2,700 of operating expenses on account. 3. Collected $50,200 of accounts receivable. 4. Paid $39,300 cash for salaries expense. 5. Paid $14,940 cash as a partial payment on accounts payable. 6. Paid a $8,300 cash dividend to the stockholders. e. What is the amount of change in retained earnings for the year? Change in retained earnings f. Prepare a post-closing trial balance. OAK CONSULTING Post-Closing Trial Balance As of December 31, Year 2 Account Titles Debit Credit es Totals $ 0 $ 0
