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 Cash Accounts receivable Accounts payable Common stock Retained earnings Balance $ 30,100 22,300 12,500 28,800 11,100 The following events apply to Oak Consulting for Year 2: 1. Provided $68,000 of services on account. 2. Incurred $3,400 of operating expenses on account. 3. Collected $45,100 of accounts receivable. 4. Paid $37,100 cash for salaries expense. 5. Paid $14,310 cash as a partial payment on accounts payable. 6. Paid a $9,500 cash dividend to the stockholders. Exercise 3:22A Part c 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 + + + Bal. + + + 1 + = + + 2 + + + + + + 4 + + + 5 + = + + 6 + + + = Bal. 0 + 0 0 + 0 + 0 0 = 0 0