Required information 16 [The following information applies to the questions displayed below.) ces 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 $ 28,500 19,000 13,800 19,000 14,700 The following events apply to Oak Consulting for Year 2: 1. Provided $68,600 of services on account. 2. Incurred $2,700 of operating expenses on account. 3. Collected $49,800 of accounts receivable. 4. Paid $33,800 cash for salaries expense. 5. Paid $14,850 cash as a partial payment on accounts payable. 6. Paid a $9,500 cash dividend to the stockholders. 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.) Journal entry worksheet < A B Record the closure of service revenue. Note: Enter debits before credits. Event General Journal Debit Credit 1 Service revenue 68,600 68,600 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 f. Prepare a post-closing trial balance. OAK CONSULTING Post-Closing Trial Balance As of December 31, Year 2 Account Titles Debit Credit Totals $ 0 $ 0