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

Account	Balance
Cash	$	29,700
Accounts receivable		18,300
Accounts payable		12,700
Common stock		23,200
Retained earnings		12,100

The following events apply to Oak Consulting for Year 2:

1. Provided $70,500 of services on account.
2. Incurred $2,800 of operating expenses on account.
3. Collected $46,200 of accounts receivable.
4. Paid $33,100 cash for salaries expense.
5. Paid $13,950 cash as a partial payment on accounts payable.
6. Paid a $8,600 cash dividend to the stockholders.

View transaction list View journal entry worksheet No Event General Journal Debit Credit A 1 Accounts receivable 70,500 Service revenue 70,500 B 2 2,800 Operating expenses Accounts payable 2,800 3 Cash 46,200 Accounts receivable 46,200 D 4 Salaries expense 33,100 Cash 33,100 E 5 Accounts payable 13,950 Cash 13,950 F 6 Dividends 8,600 Cash 8,600 b & d. Post the beginning balances and the transactions from Parts a and d to the appropriate accounts. Cash Accounts Receivable Beg. Bal 29,700 Beg. Bal 1. 3. 46,200 46,200 End. Bal 75,900 End. Bal 46,200 Accounts Payable Common Stock Beg. Bal Beg. Bal 5. 13,950 2,800 2. End. Bal 11,150 End. Bal Retained Earnings Dividends Beg. Bal Beg. Bal End. Bal End. Bal Service Revenue Operating Expenses Beg. Bal Beg. Bal End. Bal End. Bal Salaries Expense Beg. Bal End. Bal 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 No Assets Liabilities Statement of Cash Flows Stockholders' Equity Common Retained + Stock Earnings Cash Accounts Receivable + Accounts Payable Revenue Expenses II Net Income Bal. + = + + - = 1 + = + + + + - - 2 + = 3 + + II 4 + + + + + + 5 + + 6 + + Bal. 0 + 0 0 + 0 + 0 0 0 0 0 d-1. Record the closing entries in the general journal and post them to the T-accounts in Part b). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list A > Record the closure of service revenue. B Record the closure of expense accounts. Record the closure of the dividends account. dit Note : = journal entry has been entered Record entry Clear entry View general journal e. What is the amount of change in retained earnings for the year? Change in retained earnings f. Prepare a post-closing trial balance. OAK CONSULTING Post-Closing Trial Balance As of December 31, Year 2 Account Titles Debit Credit Totals