Use the information in QS 2-14 to prepare a December statement of owner’s equity for Lawson Consulting. The I. Lawson, Capital account balance at December 1 was $0. Net income for December is $4,000 and the owner invested $10,500 cash in the company on December 2.

Data from Question 2-14

Lawson Consulting had the following accounts and amounts on December 31. Prepare a December 31 trial balance.

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Cash....... Accounts receivable Equipment... $5,000 Accounts payable....... I. Lawson, Capital.... 4,500 6,500 1. Lawson, Withdrawals $ 3,000 10,500 1,500 Services revenue Rent expense Wages expense $12,000 2,000 6,000