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: 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 statement of owner's equity for Lawson Consulting. Hint. Net income for December is $5,600. LAWSON CONSULTING Statement of Owner's Equity 1. Lawson, Capital, December 1 2$ Add: Investments by owner 21,680 Add: Net income 5,600 27,280 Less: Withdrawals by owner (3,300) 1. Lawson, Capital, December 31 24 23,980

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: 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 statement of owner's equity for Lawson Consulting. Hint. Net income for December is $5,600. LAWSON CONSULTING Statement of Owner's Equity 1. Lawson, Capital, December 1 2$ Add: Investments by owner 21,680 Add: Net income 5,600 27,280 Less: Withdrawals by owner (3,300) 1. Lawson, Capital, December 31 24 23,980

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Description: 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 December31. The I. Lawson, Capital account balance at Decembe

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter18: Acquiring Capital For Growth And Development

Section: Chapter Questions

Problem 2AP

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