$7.$ At the beginning of Year $2,$ Oak Consulting had the following normal balances in its accounts.

Account

Balance

Cash

$$26,800$

Accounts receivable

$22,800$

Accounts payable

$10,200$

Common stock

$24,800$

Retained earnings

$14,600$

The following events apply to Oak Consulting for Year $2$:

Provided $$65,800$ of services on account.

Incurred $$3,100$ of operating expenses on account.

Collected $$48,100$ of accounts receivable.

Paid $$36,400$ cash for salaries expense.

Paid $$11,970$ cash as a partial payment on accounts payable.

Paid a $$9,300$ cash dividend to the stockholders.

Required

Record these transactions in a general journal.

$8.$ At the beginning of Year $2,$ Oak Consulting had the following normal balances in its accounts.

Account

Balance

Cash

$$26,800$

Accounts receivable

$22,800$

Accounts payable

$10,200$

Common stock

$24,800$

Retained earnings

$14,600$

The following events apply to Oak Consulting for Year $2$:

Provided $$65,800$ of services on account.

Incurred $$3,100$ of operating expenses on account.

Collected $$48,100$ of accounts receivable.

Paid $$36,400$ cash for salaries expense.

Paid $$11,970$ cash as a partial payment on accounts payable.

Paid a $$9,300$ cash dividend to the stockholders.

b$.$ & d$.$ Post the beginning balances and the transactions from Part a to the appropriate accounts. Select the event number for each transaction amount. Later, post the closing entries from Part d and select $"$cl$."$ for each amount.

$9.$ At the beginning of Year $2,$ Oak Consulting had the following normal balances in its accounts.

Account

Balance

Cash

$$26,800$

Accounts receivable

$22,800$

Accounts payable

$10,200$

Common stock

$24,800$

Retained earnings

$14,600$

The following events apply to Oak Consulting for Year $2$:

Provided $$65,800$ of services on account.

Incurred $$3,100$ of operating expenses on account.

Collected $$48,100$ of accounts receivable.

Paid $$36,400$ cash for salaries expense.

Paid $$11,970$ cash as a partial payment on accounts payable.

Paid a $$9,300$ cash dividend to the stockholders.

c$.$ Show the beginning balances and the transactions in a horizontal statements model.

$10.$ At the beginning of Year $2,$ Oak Consulting had the following normal balances in its accounts.

Account

Balance

Cash

$$26,800$

Accounts receivable

$22,800$

Accounts payable

$10,200$

Common stock

$24,800$

Retained earnings

$14,600$

The following events apply to Oak Consulting for Year $2$:

Provided $$65,800$ of services on account.

Incurred $$3,100$ of operating expenses on account.

Collected $$48,100$ of accounts receivable.

Paid $$36,400$ cash for salaries expense.

Paid $$11,970$ cash as a partial payment on accounts payable.

Paid a $$9,300$ 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?

$11.$ At the beginning of Year $2,$ Oak Consulting had the following normal balances in its accounts.

Account

Balance

Cash

$$26,800$

Accounts receivable

$22,800$

Accounts payable

$10,200$

Common stock

$24,800$

Retained earnings

$14,600$

The following events apply to Oak Consulting for Year $2$:

Provided $$65,800$ of services on account.

Incurred $$3,100$ of operating expenses on account.

Collected $$48,100$ of accounts receivable.

Paid $$36,400$ cash for salaries expense.

Paid $$11,970$ cash as a partial payment on accounts payable.

Paid a $$9,300$ cash dividend to the stockholders.

f$.$ Prepare a post$-$closing trial balance.