Required information Use the following information for the Quick Studies below Algo The following information applies to the

Question

Required information Use the following information for the Quick Studies below Algo The following information applies to the questions displayed below Lawson Consulting had the following accounts and amounts on December 31 Cash Accounts receivable Equipment Accounts payable Common stock Assets Cash 7 500 Dividends 5 000 Services revenue 7 000 Rent expense Accounts receivable Equipment 3 450 Wages expense 15 050 QS 2 17 Algo Preparing a balance sheet LO P1 Use the above information to prepare a December 31 balance sheet for Lawson Consulting Hint The ending Retaine account balance as of December 31 is 1 000 Answer is not complete LAWSON CONSULTING Balance Sheet As of December 31 7 500 5 000 7 000 Liabilities Accounts payable 2 000 13 500 2 500 8 000 Equity Common stock Retained comien 3 450 3 450 15 050 1000

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