At the beginning of 2016, oak consulting had the following normal balances in its accounts:
account balance
cash $42,000
accounts recelvable 25,000
accounts payable 24,000
common stock 8,400
retained earnings 34,600
the following events apply to oak's consulting for 2016: 1. provided $185,000 of services on account. 2. incurred $45,800 of operating expenses on account. 3. collected $140,000 of accounts receivable. 4. paid $120,000 cash for salaries expense. 5. paid $31,400 cash as a partial payment on accounts payable. 6. paid an $10,000 cash dividend to the stockholders. record these events in a general journal.

The new york times (nov. 30, 1993) reported that “the inability of opec to agree last week to cut production has sent the oil market into turmoil . . [leading to] the lowest price for domestic crude oil since june 1990.” why were the members of opec trying to agree to cut production? so they could save more oil for future consumption so they could lower the price so they could raise the price why do you suppose opec was unable to agree on cutting production? because each country has a different production capacity because each country experiences different production costs because each country has an incentive to cheat on any agreement the newspaper also noted opec’s view “that producing nations outside the organization, like norway and britain, should do their share and cut production.” what does the phrase “do their share” suggest about opec’s desired relationship with norway and britain? opec would like norway and britain to keep their production levels high. opec would like norway and britain to act competitively. opec would like norway and britain to join the cartel.