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

Account	Balance
Cash	$	42,000
Accounts receivable		25,000
Accounts payable		8,400
Common stock		24,000
Retained earnings		34,600

The following events apply to Oak Consulting for Year 2:

1. Provided $185,000 of services on account.
2. Incurred $45,800 of operating expenses on account.
3. Collected $140,000 of accounts receivable.
4. Paid $120,000 cash for salaries expense.
5. Paid $31,400 cash as a partial payment on accounts payable.
6. Paid a $10,000 cash dividend to the stockholders.

rev: 11_21_2018_QC_CS-149034

d-1. Record the closing entries in the general journal. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Journal entry worksheet

• Record the closure of service revenue.

Note: Enter debits before credits.

Event	General Journal	Debit	Credit
1

Journal entry worksheet

• Record the closure of expenses account.

Note: Enter debits before credits.

Event	General Journal	Debit	Credit
2

Journal entry worksheet

• Record the payment of dividends.

Note: Enter debits before credits.

Event	General Journal	Debit	Credit
3

d-2. What is the amount of net income for the year?