Lawson Consulting, which began operations on December 1, had the following acc 31. The I. Lawson, Capital account balance at December 1 was $0 and the owner invested $21,680 cash in the company on December 2. On December 31, the company's accounts and amounts for the month of December are shown in the table below: Cash Accounts receivable Equipment Accounts payable I. Lawson, Capital $ 14,000 I. Lawson, Withdrawals 6,300 Services revenue 8,300 Rent expense 4,620 Wages expense 21,680 $ 3,300 17,400 3,800 8,000

Principles of Accounting Volume 1
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Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 17PA: Prepare journal entries to record the following transactions for the month of November: A. on first...
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Lawson Consulting, which began operations on December 1, had the following accounts and amounts on December
31. The I. Lawson, Capital account balance at December 1 was $0 and the owner invested $21,680 cash in the company on
December 2. On December 31, the company's accounts and amounts for the month of December are shown in the table
below:
Cash
Accounts receivable
Equipment
Accounts payable
I. Lawson, Capital
$ 14,000 I. Lawson, Withdrawals
6,300 Services revenue
8,300 Rent expense
4,620 Wages expense
21,680
$ 3,300
17,400
3,800
8,000
Use the above information to prepare a December income statement for the business.
LAWSON CONSULTING
Income Statement
Revenues:
Services revenue
$
17,400
Total Revenues
$
17,400
Expenses:
Rent expense
2$
3,800
Wages expense
8,000
Total Expenses
11,800
Net income
$
5,600
Transcribed Image Text:Lawson Consulting, which began operations on December 1, had the following accounts and amounts on December 31. The I. Lawson, Capital account balance at December 1 was $0 and the owner invested $21,680 cash in the company on December 2. On December 31, the company's accounts and amounts for the month of December are shown in the table below: Cash Accounts receivable Equipment Accounts payable I. Lawson, Capital $ 14,000 I. Lawson, Withdrawals 6,300 Services revenue 8,300 Rent expense 4,620 Wages expense 21,680 $ 3,300 17,400 3,800 8,000 Use the above information to prepare a December income statement for the business. LAWSON CONSULTING Income Statement Revenues: Services revenue $ 17,400 Total Revenues $ 17,400 Expenses: Rent expense 2$ 3,800 Wages expense 8,000 Total Expenses 11,800 Net income $ 5,600
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