Required information Exercise 3-22A Recording events in the general journal, posting to T-accounts, and preparing closing entries LO 3-1, 3-2, 3-3, 3-4 [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 $ 27,300 Accounts receivable 19,600 Accounts payable 12,800 Common stock 23,700 Retained earnings 10,400 The following events apply to Oak Consulting for Year 2: 1. Provided $67,700 of services on account. 2. Incurred $3,200 of operating expenses on account. 3. Collected $48,400 of accounts receivable. 4. Paid $38,200 cash for salaries expense. 5. Paid $14,400 cash as a partial payment on accounts payable. 6. Paid a $9,600 cash dividend to the stockholders. Exercise 3-22A Part b b& d. Post the beginning balances and the transactions from Parts a&d to the appropriate accounts. Cash Accounts Receivable Beg. Bal Beg. Bal End. Bal End. Bal Accounts Payable Common Stock Beg. Bal Beg. Bal End. Bal End. Bal Retained Earnings Dividends Beg. Bal Beg. Bal End. Bal 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 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.) OAK CONSULTING Effect of Transactions on the Financial Statements for Year 2 Balance Sheet Income Statement Liabilities Stockholders' Equity Revenue Expenses = Net Income Accounts Common Retained Payable Stock Earnings + Assets Accounts Receivable Statement of Cash Flow No Cash Ball + 1 + 2 + 3 + 4 + 5 6 + Bal. 0 + 0 = 0 + 0 + 0 0 0 = 0 Journal entry worksheet > Record the closure of service revenue. Note: Enter debits before credits. General Journal Debit Credit Event 1 Record entry Clear entry View general journal f. Prepare a post-closing trial balance. OAK CONSULTING Post-Closing Trial Balance As of December 31, Year 2 Account Titles Debit Credit Cash Accounts receivable Accounts payable Common stock Retained earnings Totals $ 0 $ 0