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Required information Exercise 3-22A (Algo) Recording events in the general journal, posting to T-accounts, and preparing closing entries LO 3-1, 3-2, 3-3, 3-4 Skip to

Required information

Exercise 3-22A (Algo) Recording events in the general journal, posting to T-accounts, and preparing closing entries LO 3-1, 3-2, 3-3, 3-4

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[The following information applies to the questions displayed below.] At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts.

Account Balance
Cash $34,200
Accounts receivable 18,000
Accounts payable 11,200
Common stock 26,300
Retained earnings 14,700

The following events apply to Oak Consulting for Year 2:

  1. Provided $72,000 of services on account.
  2. Incurred $2,800 of operating expenses on account.
  3. Collected $47,800 of accounts receivable.
  4. Paid $35,200 cash for salaries expense.
  5. Paid $12,600 cash as a partial payment on accounts payable.
  6. Paid a $10,000 cash dividend to the stockholders.

Exercise 3-22A (Algo) Part a

Required Record these transactions in a general journal. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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