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Liu Zhang operates Lawson Consulting, which began operations on June 1. On June 30, the company’s records show the following selected accounts and amounts for the month of June. Prepare a June income statement for the business. Cash . . . . . . . . . . . . . . . . . . . . . $5,000 Accounts receivable . . . . . . . . 4,500 Accounts payable. . . . . . . . . . . 3,500 L. Zhang, Withdrawals . . . . . . . $ 1,500 Service revenue. . . . . . . . . . . . 12,000 Equipment. . . . . . . . . . . . . . . . . 6,500 Rent expense . . . . . . . . . . $2,000 Wages expense . . . . . . . . 6,000

Liu Zhang operates Lawson Consulting, which began operations on June 1. On June 30, the company’s records show the following selected accounts and amounts for the month of June. Prepare a June income statement for the business. Cash . . . . . . . . . . . . . . . . . . . . . $5,000 Accounts receivable . . . . . . . . 4,500 Accounts payable. . . . . . . . . . . 3,500 L. Zhang, Withdrawals . . . . . . . $ 1,500 Service revenue. . . . . . . . . . . . 12,000 Equipment. . . . . . . . . . . . . . . . . 6,500 Rent expense . . . . . . . . . . $2,000 Wages expense . . . . . . . . 6,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Liu Zhang operates Lawson Consulting, which began operations on June 1. On June 30, the company’s
records show the following selected accounts and amounts for the month of June. Prepare a June income
statement for the business.
Cash . . . . . . . . . . . . . . . . . . . . . $5,000
Accounts receivable . . . . . . . . 4,500
Accounts payable. . . . . . . . . . . 3,500
L. Zhang, Withdrawals . . . . . . . $ 1,500
Service revenue. . . . . . . . . . . . 12,000
Equipment. . . . . . . . . . . . . . . . . 6,500
Rent expense . . . . . . . . . . $2,000
Wages expense . . . . . . . . 6,000

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