The following selected accounts and account balances were taken from the records of Nowell Company....
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Accounting
The following selected accounts and account balances were taken from the records of Nowell Company. Except as otherwise indicated, all balances are as of December 31, Year 2, before the closing entries were recorded. Consulting revenue $ 9,200 Cash 8,900 Cash received from common stock issued during Year 1 3,100 Travel expense 750 Dividends 1,400 Cash flow from investing activities 2,400 Rent expense 1,500 Payment to reduce debt principal 18,600 Retained earnings, January 1, Year 2 14,800 Salary expense 2,500 Cash flow from operating activities 2,300 Common stock, December 31, Year 2 9,500 Other operating expenses 2,100 Required a
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