liu zhang operates lawson consulting, which began operations on june 1. on june 30, the company's records show the following accounts and amounts for the month of june cash $11,000                                        service revenue $15,600 accounts receivable $5,700                  equipment $7,700 accounts payable $4,700                      rent expense $3,200 L. Zhang withdrawals $2,700                wages expense $8,000 Use the above information to prepare a June 30 balance sheet for Lawson Consulting. Hint: Compute the owner's capital account balance as of June 30           LAWSON CONSULTING Balance Sheet As of June 30 Assets: Liabilities: Cash $11,000 Accounts payable $4,700 Accounts receivable 5,700     Equipment 7,700 Equity:     L. Zhang, Capital           Total Assets $24,400   $4,700

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is