[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	$	32,500
Accounts receivable		20,900
Accounts payable		10,100
Common stock		29,700
Retained earnings		13,600

The following events apply to Oak Consulting for Year 2:

1. Provided $70,800 of services on account.
2. Incurred $3,100 of operating expenses on account.
3. Collected $50,100 of accounts receivable.
4. Paid $37,000 cash for salaries expense.
5. Paid $11,880 cash as a partial payment on accounts payable.
6. Paid a $8,300 cash dividend to the stockholders.

OAK CONSULTING Effect of Transactions on the Financial Statements for Year 2 Balance Sheet Income Statement Liabilities + Stockholders' Equity Revenue Expenses = Net Income Accounts Common Retained + Payable Stock Earnings Statement of Cash Flows Assets Accounts + Receivable No Cash + Bal. + + + 1 + - + + + 2. + + + 3 + + 4 + + 5 + + + + + + = + + 6 = + + + Bal. + +