Required information [The following information applies to the questions displayed below] Liu Zhang operates Lawson Consulting, which began operations on June 1. The Retained Earnings account balance at June 1 was $0 and the owner invested $10.500 cash in the company on June 1. On June 30, the company's records show the following accounts and amounts for the month of June. Cash Accounts receivable Equipment Accounts payable Common stock $ 5,000 4,500 6,500 3,000 10,500 Dividends Service revenue Rent expense Wages expense $ 1,500 12,000 2,000 6,080 Use the above information to prepare a June statement of retained earnings for Lawson Consulting. LAWSON CONSULTING Statement of Retained Earnings Retained earnings, June 1 Add: Net income 4,000 4,000 1,500 2.500 Less: Cash dividends Retained earnings, June 30 5 Choose from the following list of terms and phrases to best complete the statements below. 1 presumes that an organization's activities can be divided into specific time periods. 2 Financial reports covering a one-year period are known as 3. A(n) consists of any 12 consecutive months. records revenues when services are provided, and records expenses when incurred. 5. The value of information is often linked to its 1 nces