Answered step by step
Verified Expert Solution
Question
1 Approved Answer
! Required information [The following information applies to the questions displayed below.] At the beginning of Year 2, Oak Consulting had the following normal
! Required information [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 $ 34,100 Cash Accounts 17,100 receivable Accounts payable 11,300 Common stock 27,700 Retained earnings 12,200 The following events apply to Oak Consulting for Year 2: 1. Provided $72,800 of services on account. 2. Incurred $3,000 of operating expenses on account. 3. Collected $50,800 of accounts receivable. 4. Paid $39,600 cash for salaries expense. 5. Paid $12,870 cash as a partial payment on accounts payable. 6. Paid a $9,300 cash dividend to the stockholders. Required Record these events in a general journal. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet A B C D E F Provided $72,800 of services on account. Note: Enter debits before credits. Event 1 General Journal Debit Credit Record entry View general journal Clear entry > Journal entry worksheet < A B C DE F Incurred $3,000 of operating expenses on account. Note: Enter debits before credits. Event 2 General Journal Debit Credit View general journal Record entry Clear entry Journal entry worksheet < A B D E F Collected $50,800 of accounts receivable. Note: Enter debits before credits. Event 3 General Journal Debit Credit View general journal Record entry Clear entry Journal entry worksheet < A B C D E F Paid $39,600 cash for salaries expense. Note: Enter debits before credits. Event 4 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < A B C D E F Paid $12,870 cash as a partial payment on accounts payable. Note: Enter debits before credits. Event 5 General Journal Debit Credit Record entry Clear entry View general journal > Journal entry worksheet < A B C D E FL Paid an $9,300 cash dividend to the stockholders. Note: Enter debits before credits. Event 6 General Journal Debit Credit Record entry Clear entry View general journal
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started