At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Account Balance Cash $ 30,400 Accounts receivable 21,100 Accounts payable 14,200 Common stock 22,400 Retained earnings 14,900 The following events apply to Oak Consulting for Year 2: Provided $69,500 of services on account. Incurred $2,900 of operating expenses on account. Collected $46,600 of accounts receivable. Paid $30,100 cash for salaries expense. Paid $15,390 cash as a partial payment on accounts payable. Paid a $8,300 cash dividend to the stockholders. rev: 11_21_2018_QC_CS-149034 b & d. Post the beginning balances and the transactions from Parts a&d to the appropriate accounts.
At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Account Balance Cash $ 30,400 Accounts receivable 21,100 Accounts payable 14,200 Common stock 22,400 Retained earnings 14,900 The following events apply to Oak Consulting for Year 2: Provided $69,500 of services on account. Incurred $2,900 of operating expenses on account. Collected $46,600 of accounts receivable. Paid $30,100 cash for salaries expense. Paid $15,390 cash as a partial payment on accounts payable. Paid a $8,300 cash dividend to the stockholders. rev: 11_21_2018_QC_CS-149034 b & d. Post the beginning balances and the transactions from Parts a&d to the appropriate accounts.
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 18EB: Krespy Corp. has a cash balance of $7,500 before the following transactions occur: A. received...
Related questions
Question
100%
At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts:
| Account | Balance | |
| Cash | $ | 30,400 |
| 21,100 | ||
| Accounts payable | 14,200 | |
| Common stock | 22,400 | |
| 14,900 | ||
The following events apply to Oak Consulting for Year 2:
- Provided $69,500 of services on account.
- Incurred $2,900 of operating expenses on account.
- Collected $46,600 of accounts receivable.
- Paid $30,100 cash for salaries expense.
- Paid $15,390 cash as a partial payment on accounts payable.
- Paid a $8,300 cash dividend to the stockholders.
rev: 11_21_2018_QC_CS-149034
b & d. Post the beginning balances and the transactions from Parts a&d to the appropriate accounts.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Financial Reporting, Financial Statement Analysis…
Finance
ISBN:
9781285190907
Author:
James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning