Answered step by step
Verified Expert Solution
Question
1 Approved Answer
(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:
(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 $ 27, 100 16,300 13,500 19,400 10,500 The following events apply to Oak Consulting for Year 2: 1. Provided $73,000 of services on account. 2. Incurred $3,000 of operating expenses on account. 3. Collected $45,100 of accounts receivable. 4. Paid $32,700 cash for salaries expense. 5. Paid $14,850 cash as a partial payment on accounts payable. 6. Paid a $9,400 cash dividend to the stockholders. b & d. Post the beginning balances and the transactions from Parts a and d to the appropriate accounts. Cash Accounts Receivable 16,300 27,100 45,100 Beg. Bal 1. 3. 73,000 X 45,100 Beg. Bal 3. 4. 5. 6. End. Bal XXX 32,700 14,850 9,400 15,250 End. Bal 44,200 Common Stock Accounts Payable 13,500 Beg. Bal 19,400 Beg. Bal 2. 5. x 3,000 14,850 End. Bal 1,650 End. Bal 19,400 Dividends Retained Earnings 10,500 73,000 9,400 x 32,700X Beg. Bal cl cl cl End. Bal Beg. Bal 6. cl 9,400 9,400 41,400 End. Bal Service Revenue Operating Expenses Beg. Bal Beg. Bal 2. cl x 73,000 3,000 1. cl 73,000 X 3,000 End. Bal End. Bal Salaries Expense Beg. Bal 4. cl 32,700 32,700 f. Prepare a post-closing trial balance. OAK CONSULTING Post-Closing Trial Balance As of December 31, Year 2 Account Titles Debit Credit Totals $ 0 $ 0
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