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[The following information applies to the questions displayed below.] Liu Zhang operates Lawson Consulting, which began...

[The following information applies to the questions displayed below.]

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 $ 15,000 Service revenue $ 18,000
Accounts receivable 6,500 Equipment 8,500
Accounts payable 5,500 Rent expense 4,000
L. Zhang, Withdrawals 3,500 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.

Business   Accounting   
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*b/f = Balancing Figure

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