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Requlred Information Exercise 3-22A (Algo) Recording events in the general journal, posting to T-accounts,...

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Accounting

Requlred Information
Exercise 3-22A (Algo) Recording events in the general journal, posting to T-accounts, and preparing
closing entries LO 3-1,3-2,3-3,3.4
[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.
The following events apply to Oak Consulting for Year 2:
Provided $74,600 of services on account.
Incurred $3,500 of operating expenses on account.
Collected $50,800 of accounts receivable.
Paid $32,400 cash for salaries expense.
Paid $14,580 cash as a partial payment on accounts payable.
Paid a $9,100 cash dividend to the stockholders.
Exerclse 3-22A (Algo) Part d
d-1. Record the closing entries in the general joumal (and post them to the T-accounts).
d.2. What is the amount of net income for the year?
Complete this question by entering your answers in the tabs below.
Record the closing entries in the general journal (and post them to the T-accounts).(If no entry is required for a transaction/event,
select "No journal entry required" in the first account field.)
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