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b. & d. Post the beginning balances and the transactions from Part a to the appropriate accounts. Later, post the closing entries from Part d. Cash Accounts Receivable Beg. Bal Beg. Bal End. Bal End. Bal Accounts Payable Common Stock Beg. Bal Beg. Bal End. Bal End. Bal Retained Earnings Dividends Beg. Bal Beg Bal End. Bal End. Bai Service Revenue Operating Expenses Beg. Bal Beg. Bal End. Bal End. Bal Salaries Expense Beg. Bal 6 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 $27,900 Accounts 23,400 receivable Accounts payable 12,300 Common stock 27,400 Retained earnings 11,680 The following events apply to Oak Consulting for Year 2: 1. Provided $70,200 of services on account 2. Incurred $3,200 of operating expenses on account. 3. Collected $47,200 of accounts receivable, 4. Paid $35,500 cash for salaries expense. 5. Paid $13,950 cash as a partial payment on accounts payable. 6. Pald a $9.400 cash dividend to the stockholders. ce 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 Assets Liabilities Stockholders' Equity Accounts Accounts + Common Retained Revenue Receivable Payable Expenses - Stock Earnings Income No Statement of Cash Flows Net Cash + Bal 1 2 3 4 5 6 Bal. + + + + + + + + + + + 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 $27,900 Accounts receivable 23,400 Accounts payable 12,300 Common stock 27,400 Retained earnings 11,600 The following events apply to Oak Consulting for Year 2: 1. Provided $70.200 of services on account 2. Incurred $3,200 of operating expenses on account 3. Collected $47,200 of accounts receivable 4. Pald $35,500 cash for salaries expense, 5. Paid $13,950 cash as a partial payment on accounts payable. 6. Pald a $9.400 cash dividend to the stockholders. d-1. Record the closing entries in the generat 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. Reg Di Req D2 Record the closing entries in the general journal (and post them to the T-accounts). (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Show less 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 Record entry View general Journal Clear entry 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 $27,900 Accounts receivable 23,400 Accounts payable 12,300 Common stock 27,400 Retained earnings 11,600 The following events apply to Oak Consulting for Year 2: 1. Provided $70,200 of services on account 2. Incurred $3,200 of operating expenses on account. 3. Collected $47,200 of accounts receivable. 4. Paid $35,500 cash for salaries expense. 5. Paid $13,950 cash as a partial payment on accounts payable. 6. Paid a $9,400 cash dividend to the stockholders. f. Prepare a post-closing trial balance. OAK CONSULTING Post-Closing Trial Balance As of December 31, Year 2 Account Titles Debit Credit Totals