RequiredRecord these transactions in a general journal. (If no entry is required for a transaction/event, select "No journal entry required" inthe first account field.)View transaction listJournal entry worksheetABCDE FProvided $69,200 of services on account.Event1XNote: Enter debits before credits.Record entryGeneral JournalClear entryDebitCreditView general Journal [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.AccountCashAccounts receivable.Accounts payableCommon stockRetained earningsThe following events apply to Oak Consulting for Year 2:1. Provided $69,200 of services on account.2. Incurred $3,400 of operating expenses on account.3. Collected $50,100 of accounts receivable.4. Paid $30,100 cash for salaries expense.5. Paid $16,110 cash as a partial payment on accounts payable.6. Paid a $8,400 cash dividend to the stockholders.RequiredRecord these transactions in a general journal. (If no entry is required for a transaction/event, select "No journal entry required" inthe first account field.)View transaction listBalance$26,10023,70014,50021,60013,700Journal entry worksheetARCnF

In a General Journal, Entries are passed involving two or more accounts with debir and credit…

At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts. Balance $26,100 Accounts receivable. 23,700 14,500 Accounts payable Common stock 21,600 Retained earnings 13,700 The following events apply to Oak Consulting for Year 2: Account Cash 1. Provided $69,200 of services on account. 2. Incurred $3,400 of operating expenses on account. 3. Collected $50,100 of accounts receivable. 4. Paid $30,100 cash for salaries expense. 5. Paid $16,110 cash as a partial payment on accounts payable. 6. Paid a $8,400 cash dividend to the stockholders.

At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts. Balance $26,100 Accounts receivable. 23,700 14,500 Accounts payable Common stock 21,600 Retained earnings 13,700 The following events apply to Oak Consulting for Year 2: Account Cash 1. Provided $69,200 of services on account. 2. Incurred $3,400 of operating expenses on account. 3. Collected $50,100 of accounts receivable. 4. Paid $30,100 cash for salaries expense. 5. Paid $16,110 cash as a partial payment on accounts payable. 6. Paid a $8,400 cash dividend to the stockholders.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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