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At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts:

Account	Balance
Cash	$ 42,000
Accounts receivable	25,000
Accounts payable	8,400
Common stock	24,000
Retained earnings	34,600

The following events apply to Oak Consulting for Year 2:

Provided $185,000 of services on account.

Incurred $45,800 of operating expenses on account.

Collected $140,000 of accounts receivable.

Paid $120,000 cash for salaries expense.

Paid $31,400 cash as a partial payment on accounts payable.

Paid a $10,000 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).

No	Event	General Journal	Debit	Credit
A	1	Service revenue	185,000
		Retained earnings		185,000
B	2	Retained earnings	?
		Operating expenses		45,800
		Salaries expense		120,000
C	3	Retained earnings	10,000
		Dividends		10,000