Question: Hello this is the continuation for question for James Lawson. 1. Prepare the journal entries for transactions aj 2. Post the transactions to the ledger/T
1. Prepare the journal entries for transactions aj 2. Post the transactions to the ledger/T Accounts 3. Prepare a trial balance at June 30,2015 4. Prepare the following financial statements for Lawson Consulting: a. Income statement for the month ended June 30, 2015 b. Statement of changes in equity for the month ended June 30, 2015 c. Simple Balance sheet at June 30,2015 James Lawson started a consulting business, Lawson Consulting, in June 1, 2015. During the first month of operations, the business completed the following transactions: a. Lawson began the business with an investment of: $20,000 cash, land valued at $20,000, and a building valued at $40,000. The business gave Lawson owner's equity in the business for the value of the cash, land, and building. b. Purchased office supplies on account, $2600. c. Paid $15,000 for office furniture. d. Paid employee salary, \$2,200. e. Performed consulting service on account for client, $6,100. f. Paid $800 of the account payable created in transaction b. g. Performed consulting services for customers and received cash, 55600 h. Received cash on account, 52,400 1. Paid the following cash expenses: 1) Rent of photocopler, $1,200 2) Utilities, s400 1. Lawson withdrew $2,500 for personal use
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
