Answered Essay: The following information applies to the questions displayed below.) At the beginning of 2016, Oak Consulting ha

[The following information applies to the questions displayed below.) At the beginning of 2016, Oak Consulting had the following normal balances in its accounts: Account Cash Accounts receivable Accounts payable Common stock Retained earnings Balance $29,000 20,200 12,400 13,000 The following events apply to Oaks Consulting for 2016: 1. Provided $71,400 of services on account. 2. Incurred $3,000 of operating expenses on account. 3. Collected $50,200 of accounts receivable. 4. Paid $36,400 cash for salaries expense. 5. Paid $13,860 cash as a partial payment on accounts payable. 6. Paid an $10,000 cash dividend to the stockholders.

The following information applies to the questions displayed below.) At the beginning of 2016, Oak Consulting had the following normal balances in its accounts: Account Cash Accounts receivable Accounts payable Common stock Retained earnings Balance $29,000 20,200 12,400 13,000 The following events apply to Oak’s Consulting for 2016: 1. Provided $71,400 of services on account. 2. Incurred $3,000 of operating expenses on account. 3. Collected $50,200 of accounts receivable. 4. Paid $36,400 cash for salaries expense. 5. Paid $13,860 cash as a partial payment on accounts payable. 6. Paid an $10,000 cash dividend to the stockholders.

Expert Answer

1.

                                                 Debit                Credit
Accounts receivable                71,400
Service revenue 71,400

2. Operating Expense         3,000

Cash                                                                    3,000

3. Cash                     50,200

Accounts Receivable                                    50,200

4. Salaries Expense                     36,400

Cash                                                               36,400

5. Accounts Payable             13,860

Cash                                                              13,860

6. Dividend Payable            10,000

Cash                                                           10,000

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