Chapter 2, Problem 14QS

To determine

Balance Sheet:

It is a statement of the financial position of the company which specifies the assets, liabilities and equity at a given point in time.

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.

Cash............$5,000	L.Zhang, Withdrawals ..$1,500	Rent expense...$2,000
Accounts Receivable ...4,500	Service Revenue....... 12,000	Wage Expense.......6,000
Accounts Payable.......3, 500	Equipment..................6,500

1. Prepare a June 30 balance sheet for Lawson Consulting. The owner's capital account balance at June 1 was $0, and the owner invested $10000 cash in company on June 2.