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[The following information applies to the questions displayed below.] Liu Zhang operates Lawson Consulting, which began operations on June 1. On June 30, the companys
[The following information applies to the questions displayed below.] Liu Zhang operates Lawson Consulting, which began operations on June 1. On June 30, the companys records show the following accounts and amounts for the month of June.
Cash | $ | 15,000 | Service revenue | $ | 18,000 | |
Accounts receivable | 6,500 | Equipment | 8,500 | |||
Accounts payable | 5,500 | Rent expense | 4,000 | |||
L. Zhang, Withdrawals | 3,500 | Wages expense | 8,000 | |||
Use the above information to prepare a June 30 balance sheet for Lawson Consulting. Hint: Compute the owners capital account balance as of June 30.
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