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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:
- 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.
f. Prepare a post-closing trial balance.
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