Question

The following information applies to the questions displayed below.] At the beginning of 2016, Oak Consulting had the following normal balances in its accounts: Balance $42,000 Accounts receivable 25,000 8,400 24,000 34,600 nt Cash Accounts payable Common stock Retained earnings The following events apply to Oak's Consulting for 2016: 1. Provided $185,000 of services on account. 2. Incurred $45,800 of operating expenses on account. 3. Collected $140,000 of accounts receivable. 4. Paid $120,000 cash for salaries expense. 5. Paid $31,400 cash as a partial payment on accounts payable. 6. Paid an $10,000 cash dividend to the stockholders value: 43.33 points Required a. Record these events in a general journal. (If no entry is required for a transactianlevent select "No

Answer 1

Solution:-

a. Records this event in general journal:-

Events	General journal	Debit	Credit
1	Accounts receivable	185,000
	Service revenue		185,000
2	Operating expenses	45,800
	Accounts payable		45,800
3	Cash	140,000
	Accounts receivable		140,000
4	Salaries expenses	120,000
	Cash		120,000
5	Accounts payable	31,400
	Cash		31,400
6	Retained earnings	10,000
	Cash		10,000

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