At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Account Cash Accounts receivable Accounts payable Common stock Retained earnings Balance $34,602 24,000 10,100 37,000 11,500 The following events apply to Oak Consulting for Year 2 1. Provided $65,800 of services on account. 2. Incurred $2,900 of operating expenses on account. 3. Collected $47,900 of accounts receivable. 4. Paid $39,900 cash for salaries expense. 5. Paid $11,700 cash as a partial payment on accounts payable 6. Paid a $9,000 cash dividend to the stockholders. Event General Journal Debit Credit 0 Accounts receivable 65,800 Service revenue 65,800 Operating expenses Accounts payable 2,900 2,900 Cash 47,900 Accounts receivable 47,900 4 Salaries expense 39,900 Cash 39,900 Accounts payable 11,700 Cash 11,700 Dividends 9,000 Cash 9,000 b & d. Post the beginning balances and the transactions from Parts a&d to the appropriate accounts Cash Accounts Receivable Beg. Bal Beg. Bal 47,900 24,000 47,9001 End. Bal 82,500 End. Bal 23,900 Accounts Payable Common Stock Beg. Bal 23,900 Beg. Bal 11,700 2,900 47,900 End. Bal 15,100 End. Bal 47,900 Retained Earnings Dividends Retained Earnings Dividends Beg. Ba Beg. BalP 39,900 65,8001 End. Bal 25,900 Bal Service Revenue Operating Expenses Beg. Bal Beg. Bal End. Bal End. Bal Salaries Expense Beg. Bal End. Ba Journal entry worksheet Record the closure of service revenue. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet Record the closure of expenses account. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet Record the payment of dividends Note: Enter debits before credits Event General Journa Debit Credit Record entry Clear entry View general journal d-2. What is the amount of net income for the year? Net income e. What is the amount of change in retained earnings for the year? Change in retained earnings t. Prepare a post-closing trial balance. OAK CONSULTING Post-Closing Trial Balance As of December 31, Year 2 Account Titles Debit Credit Totals