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 Cash Accounts receivable Accounts payable Common stock Retained earnings Balance $31,30e 24,700 14,688 28,600 12,800 The following events apply to Oak Consulting for Year 2 1. Provided $68,100 of services on account. 2. Incurred $3,200 of operating expenses on account. 3. Collected $46,700 of accounts receivable 4. Paid $39,500 cash for salaries expense 5. Paid $16,020 cash as a partial payment on accounts payable 6. Paid a $9,100 cash dividend to the stockholders. b & d. Post the beginning balances and the transactions from Parts a&d to the appropriate accounts Cash Accounts Receivable Beg. Bal Beg. Bal End. Bal End. Bal Accounts Payable Common Stock Beg. Bal Beg. Bal End. Bal End. Bal Retained Earnings Dividends Beg. Bal Beg. Bal Fnd Ral Ral Beg. Bal Beg. Bal End. Bal Bal Service Revenue Operating Expenses Beg. Bal Beg. Bal End. Bal End. Bal Salaries Expense Beg. Bal End. Bal 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 LiabilitiesStockholders' EquityRevenueExpens +Retained Net Income Statement of Cash Flow Assets ses Accounts Payable Common Cash Receivable Earnings Bal Bal d-1. Record the closing entries in the general journal. (If no entry is required for a transaction/event, select "No journal en required" in the first account field.) View transaction list Journal entry worksheet Record the closure of service revenue. Note: Enter debits before credits Event General Journal Debit Credit d-1. Record the closing entries in the 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 Record the closure of expenses account. Note: Enter debits before credits. Event General Journal Debit Credit d-1. Record the closing entries in the general journal. (f no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the payment of dividends. Note: Enter debits before credits. Event General Journal Debit Credit e. What is the amount of change in retained earnings for the year? hange in retained earnings f. Prepare a post-closing trial balance. OAK CONSULTING Post-Closing Trial Balance As of December 31, Year 2 Account Titles Debit Credit Totals
