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 $15,050 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: $ 7,500 I. Lawson, Withdrawals 5,000 Services revenue 7,000 Rent expense 3,450 Wages expense 15,050 $ 2,000 13,500 2,500 8,000 Cash Accounts receivable Equipment Accounts payable I. Lawson, Capital Use the above information to prepare a December income statement for the business. LAWSON CONSULTING Income Statement As of December 31 Revenues: Services revenue Expenses: Rent expense Wages expense Net income

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 $15,050 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: $ 7,500 I. Lawson, Withdrawals 5,000 Services revenue 7,000 Rent expense 3,450 Wages expense 15,050 $ 2,000 13,500 2,500 8,000 Cash Accounts receivable Equipment Accounts payable I. Lawson, Capital Use the above information to prepare a December income statement for the business. LAWSON CONSULTING Income Statement As of December 31 Revenues: Services revenue Expenses: Rent expense Wages expense Net income

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

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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