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: $ 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 Cash Accounts receivable Equipment Accounts payable I. Lawson, Capital Use the above information to prepare a December 31 balance sheet for Lawson Consulting. Hint: The ending I. Lawson, Capital account balance as of December 31 is $23,980.
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: $ 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 Cash Accounts receivable Equipment Accounts payable I. Lawson, Capital Use the above information to prepare a December 31 balance sheet for Lawson Consulting. Hint: The ending I. Lawson, Capital account balance as of December 31 is $23,980.
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Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
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![Required information
[The following information applies to the questions displayed below.]
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:
$ 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
Cash
Accounts receivable
Equipment
Accounts payable
I. Lawson, Capital
Use the above information to prepare a December 31 balance sheet for Lawson Consulting. Hint: The ending I. Lawson, Capital
account balance as of December 31 is $23,980.
LAWSON CONSULTING
Balance Sheet
As of December 31
Liabilities:
Assets:
$
14,000 Accounts payable
24
4,620
Cash
Accounts receivable
6,300
1. Lawson, Capital
23,980
Equipment
2$
8,300
Total equity
23,980
2$
28,600
$
28,600](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F81f56c6c-5b73-4baf-bee8-74c447a5cc66%2F6d6163bb-7562-46ab-b66e-a0d68df88088%2Fdpdqgb_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
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:
$ 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
Cash
Accounts receivable
Equipment
Accounts payable
I. Lawson, Capital
Use the above information to prepare a December 31 balance sheet for Lawson Consulting. Hint: The ending I. Lawson, Capital
account balance as of December 31 is $23,980.
LAWSON CONSULTING
Balance Sheet
As of December 31
Liabilities:
Assets:
$
14,000 Accounts payable
24
4,620
Cash
Accounts receivable
6,300
1. Lawson, Capital
23,980
Equipment
2$
8,300
Total equity
23,980
2$
28,600
$
28,600
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