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 $ 29,900 21,400 11,400 26,300 13,600 The following events apply to Oak Consulting for Year 2: 1. Provided $74,700 of services on account. 2. Incurred $3,500 of operating expenses on account. 3. Collected $47,700 of accounts receivable. 4. Paid $39,000 cash for salaries expense. 5. Paid $13,410 cash as a partial payment on accounts payable. 6. Paid a $8,600 cash dividend to the stockholders. b&d. Post the beginning balances and the transactions from Parts a&d to the appropriate accounts. Cash 29.900 47,700 Beg. Bal 3. Answer is not complete. Accounts Receivable Beg. Bal 1. 74,700 47.700 3. 39,000 13,410 8,600 4. 5. ol 6. End. Bal 16,590 End. Bal 27,000 Accounts Payable 11,400 13,410 3,500 Common Stock 26,300 Beg. Bal 5. Beg. Bal 2. End. Bal 1,490 End. Bal 26,300 Dividends Retained Earnings 13,600 Beg. Bal Beg. Bal 8,600 End. Bal 13,600 Bal 8,600 Service Revenue Operating Expenses Beg. Bal Beg. Bal 74,700 1. 2. 3,500 End. Bal 74,700 End. Bal 3,500 Salaries Expense Beg. Bal 4. 39,000 End. Bal 39,000 c. Show the beginning balances and the events in a horizontal statements model such as the following one: (In the Cash Flow column, use the initials "OA" for operating activities, "FA" for financing activities and "NC" for net change in cash. Select "NA" wherever required. Enter any decreases to account balance and cash outflows with a minus sign.) Statement of Cash Flow No = Bal 1 OAK CONSULTING Effect of Transactions on the Financial Statements for Year 2 Balance Sheet Income Statement Assets Liabilities + Stockholders' Equity Revenue Expenses = Net Income Accounts Accounts Common Cash Retained Receivable Payable Stock Earnings 29,900 21,400 = 11,400 + 26,300 + 13,600 74,700 = 74,700 74,700 74,700 3,500 + 3,500= 47,700 + (47,700) = (39,000)| + 39,000/= (13,410) + (13,410) + (8,600) + 16,590 + 48,400 = 1,490 + 26,300 + 88,300 74,700 42,500 74,700 + = 2 = + 3 47,700 + + + + + + 4 +++ 5 6 + Bal. 47,700 NC 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.) View transaction list Journal entry worksheet Record the closure of service revenue. Note: Enter debits before credits. Event General Journal Debit Credit 1 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