HomeworkLib
Question

At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts:...

At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts:

Account Balance
Cash $ 31,800
Accounts receivable 20,900
Accounts payable 14,900
Common stock 23,900
Retained earnings 13,900


The following events apply to Oak Consulting for Year 2:

  1. Provided $65,500 of services on account.
  2. Incurred $3,500 of operating expenses on account.
  3. Collected $46,800 of accounts receivable.
  4. Paid $39,100 cash for salaries expense.
  5. Paid $16,560 cash as a partial payment on accounts payable.
  6. Paid a $9,600 cash dividend to the stockholders.
  • Record the closure of service revenue.
  • Record the closure of expenses account.
  • Record the payment of dividends.
  • What is the amount of net income for the year?
business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Closing entry

No General Journal Debit Credit
1 Service revenue 65500
Retained earnings 65500
(To close revenue)
2 Retained earnings 42600
Operating expense 3500
Salaries expense 39100
(To close expense)
3 Retained earnings 9600
Dividend 9600
(To close dividend)

d) Net income = 65500-42600 = 22900

0 0
Add a comment
Know the answer?
Add Answer to:
At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts:...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • the second time I post it answer wasnt opmlete the beginning of Year 2, Oak Consulting...

    the second time I post it answer wasnt opmlete the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Account Balance Cash $ 31,800 Accounts receivable 20,900 Accounts payable 14,900 Common stock 23,900 Retained earnings 13,900 The following events apply to Oak Consulting for Year 2: Provided $65,500 of services on account. Incurred $3,500 of operating expenses on account. Collected $46,800 of accounts receivable. Paid $39,100 cash for salaries expense. Paid $16,560 cash as a...

  • [The following information applies to the questions displayed below.] At the beginning of Year 2, Oak...

    [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 $ 31,800 Accounts receivable 20,900 Accounts payable 14,900 Common stock 23,900 Retained earnings 13,900 The following events apply to Oak Consulting for Year 2: Provided $65,500 of services on account. Incurred $3,500 of operating expenses on account. Collected $46,800 of accounts receivable. Paid $39,100 cash for salaries expense. Paid $16,560 cash as...

  • At the beginning of Year 1, Oak Consulting had the following normal balances in its accounts:...

    At the beginning of Year 1, Oak Consulting had the following normal balances in its accounts: Account Balance Cash $ 32,900 Accounts receivable 15,900 Accounts payable 10,800 Common stock 24,200 Retained earnings 13,800 The following events apply to Oak Consulting for Year 1: Provided $68,000 of services on account. Incurred $3,000 of operating expenses on account. Collected $49,100 of accounts receivable. Paid $35,300 cash for salaries expense. Paid $12,420 cash as a partial payment on accounts payable. Paid a $8,300...

  • At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts:...

    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 $ 29,900 21,400 11,400 26,300 13,600 The following events apply to Oak Consulting for Year 2: 1. Provided $74,700 of services on account. 2. Incurred $3,500 of operating expenses on account. 3. Collected $47,700 of accounts receivable. 4. Paid $39,000 cash for salaries expense. 5. Paid $13,410 cash as a partial payment on...

  • At the beginning of Year 1, Oak Consulting had the following normal balances in its accounts:...

    At the beginning of Year 1, Oak Consulting had the following normal balances in its accounts: Account Balance Cash $ 32,900 Accounts receivable 15,900 Accounts payable 10,800 Common stock 24,200 Retained earnings 13,800 The following events apply to Oak Consulting for Year 1: Provided $68,000 of services on account. Incurred $3,000 of operating expenses on account. Collected $49,100 of accounts receivable. Paid $35,300 cash for salaries expense. Paid $12,420 cash as a partial payment on accounts payable. Paid a $8,300...

  • At the beginning of Year 1, Oak Consulting had the following normal balances in its accounts:...

    At the beginning of Year 1, Oak Consulting had the following normal balances in its accounts: Account Balance Cash $ 32,900 Accounts receivable 15,900 Accounts payable 10,800 Common stock 24,200 Retained earnings 13,800 The following events apply to Oak Consulting for Year 1: Provided $68,000 of services on account. Incurred $3,000 of operating expenses on account. Collected $49,100 of accounts receivable. Paid $35,300 cash for salaries expense. Paid $12,420 cash as a partial payment on accounts payable. Paid a $8,300...

  • At the beginning of Year 1, Oak Consulting had the following normal balances in its accounts:...

    At the beginning of Year 1, Oak Consulting had the following normal balances in its accounts: Account Balance Cash $ 29,200 Accounts receivable 16,400 Accounts payable 12,200 Common stock 20,200 Retained earnings 13,200 The following events apply to Oak Consulting for Year 1: Provided $74,500 of services on account. Incurred $3,000 of operating expenses on account. Collected $50,000 of accounts receivable. Paid $36,000 cash for salaries expense. Paid $13,680 cash as a partial payment on accounts payable. Paid a $8,600...

  • At the beginning of Year 1, Oak Consulting had the following normal balances in its accounts:...

    At the beginning of Year 1, Oak Consulting had the following normal balances in its accounts: Account Balance Cash $ 29,200 Accounts receivable 16,400 Accounts payable 12,200 Common stock 20,200 Retained earnings 13,200 The following events apply to Oak Consulting for Year 1: Provided $74,500 of services on account. Incurred $3,000 of operating expenses on account. Collected $50,000 of accounts receivable. Paid $36,000 cash for salaries expense. Paid $13,680 cash as a partial payment on accounts payable. Paid a $8,600...

  • At the beginning of Year 1, Oak Consulting had the following normal balances in its accounts:...

    At the beginning of Year 1, Oak Consulting had the following normal balances in its accounts: Account Balance Cash $ 32,900 Accounts receivable 15,900 Accounts payable 10,800 Common stock 24,200 Retained earnings 13,800 The following events apply to Oak Consulting for Year 1: Provided $68,000 of services on account. Incurred $3,000 of operating expenses on account. Collected $49,100 of accounts receivable. Paid $35,300 cash for salaries expense. Paid $12,420 cash as a partial payment on accounts payable. Paid a $8,300...

  • At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts:...

    At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Account Balance Cash $ 33,000 Accounts receivable 20,800 Accounts payable 12,900 Common stock 27,900 Retained earnings 13,000 The following events apply to Oak Consulting for Year 2: Provided $73,300 of services on account. Incurred $3,000 of operating expenses on account. Collected $49,100 of accounts receivable. Paid $30,100 cash for salaries expense. Paid $14,310 cash as a partial payment on accounts payable. Paid a $8,500...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT