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Required information Skip to question [The following information applies to the questions displayed below.] At the beginning of Year 2, Oak Consulting had the following

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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 $ 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:

  1. Provided $185,000 of services on account.
  2. Incurred $45,800 of operating expenses on account.
  3. Collected $140,000 of accounts receivable.
  4. Paid $120,000 cash for salaries expense.
  5. Paid $31,400 cash as a partial payment on accounts payable.
  6. Paid a $10,000 cash dividend to the stockholders.

f. Prepare a post-closing trial balance.

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