Answer only Yard Professionals Inc. experienced the following events in Year 1, its first year of operation:1. Performed services for $15,000 cash.2. Purchased $6,000 of supplies on account.3. A physical count on December 31, Year 1, found that there was $1,250 of supplies on hand.RequiredBased on this information alone:a. Record the events in general ledger accounts under an accounting equation.b. Prepare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting period.c. What is the balance in the Supplies account as of January 1, Year 2?d. What is the balance in the Supplies Expense account as of January 1, Year 2?Complete this question by entering your answers in the tabs below.ces Complete this question by entering your answers in the tabs below.Req B IncStmtReg B BalReq B Stmt ofCash FlowsReq AReq C and DSheetRecord the events in general ledger accounts únder an accounting equation. (Enter any decreases to account balances with aminus sign.)YARD PROFESSIONALS INC.Effect of Events on the Accounting EquationStockholders'AssetsLiabilitiesEventEquityesAccountsRetainedCashSuppliesPayableEarnings1.Provided service+2. Purchased supplies3. Used suppliesTotalsReg AReg B Inc Stmt>

A general ledger account is an account or record used to sort, store and summarize a company's…

Yard Professionals Inc. experienced the following events in Year 1, its first year of operation: 1. Performed services for $15,000 cash. 2. Purchased $6,000 of supplies on account. 3. A physical count on December 31, Year 1, found that there was $1,250 of supplies on hand. Required Based on this information alone: a. Record the events in general ledger accounts under an accounting equation. b. Prepare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting period. c. What is the balance in the Supplies account as of January 1, Year 2? d. What is the balance in the Supplies Expense account as of January 1, Year 2?

Yard Professionals Inc. experienced the following events in Year 1, its first year of operation: 1. Performed services for $15,000 cash. 2. Purchased $6,000 of supplies on account. 3. A physical count on December 31, Year 1, found that there was $1,250 of supplies on hand. Required Based on this information alone: a. Record the events in general ledger accounts under an accounting equation. b. Prepare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting period. c. What is the balance in the Supplies account as of January 1, Year 2? d. What is the balance in the Supplies Expense account as of January 1, Year 2?

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 3QY: Using the information contained in the accounts receivable ledger, the accountant can prepare...

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