At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Account Cash Totals Accounts receivable Accounts payable Common stock Retained earnings f. Prepare a post-closing trial balance. The following events apply to Oak Consulting for Year 2: 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 a $10,000 cash dividend to the stockholders. OAK CONSULTING Post-Closing Trial Balance As of December 31, Year 2 Debit Account Titles Balance $ 42,000 25,000 8,400 24,000 34,600 $ 0 $ Credit 0

At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Account Cash Totals Accounts receivable Accounts payable Common stock Retained earnings f. Prepare a post-closing trial balance. The following events apply to Oak Consulting for Year 2: 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 a $10,000 cash dividend to the stockholders. OAK CONSULTING Post-Closing Trial Balance As of December 31, Year 2 Debit Account Titles Balance $ 42,000 25,000 8,400 24,000 34,600 $ 0 $ Credit 0

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter3: Basic Accounting Systems: Accrual Basis

Section: Chapter Questions

Problem 2SEQ: On January 24, 20Y8, Niche Consulting collected $5,700 it had hilled its clients for services...

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