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At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Account Balance Cash $ 28,000 Accounts receivable 25,000 Accounts
At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts:
Account | Balance | |
Cash | $ | 28,000 |
Accounts receivable | 25,000 | |
Accounts payable | 11,300 | |
Common stock | 26,900 | |
Retained earnings | 14,800 | |
The following events apply to Oak Consulting for Year 2:
- Provided $69,000 of services on account.
- Incurred $2,900 of operating expenses on account.
- Collected $50,200 of accounts receivable.
- Paid $37,300 cash for salaries expense.
- Paid $12,780 cash as a partial payment on accounts payable.
- Paid a $9,100 cash dividend to the stockholders
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- Provided $69,000 of services on account
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Event General Journal Debit Credit 1 - Incurred $2,900 of operating expenses on account.
Event General Journal Debit Credit 2 -
Collected $50,200 of accounts receivable
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Paid $37,300 cash for salaries expense
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Paid $12,780 cash as a partial payment on accounts payable
- Paid an $9,100 cash dividend to the stockholders
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