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Accounting Professionals Inc. experienced the following events in 2013, its first year of operation: 1. Performed services for $19,500 cash. 2. Purchased $6,600 of supplies

Accounting Professionals Inc. experienced the following events in 2013, its first year of operation:


1. Performed services for $19,500 cash.
2. Purchased $6,600 of supplies on account.
3. A physical count on December 31, 2013, found that there was $1,280 of supplies on hand.


Required:
Based on this information alone:


a.

Record the events under an accounting equation. (Leave no cells blank - be certain to enter "0" wherever required. Amounts to be deducted should be indicated with minus sign.)


ACCOUNTING PROFESSIONALS, INC.
Effect of Events on the Accounting Equation
Assets = Liab. + Stk. Equity



Event Cash Supplies = Accounts
Payable
Retained
Earnings
1. Provided service
2. Purchased supplies
3. Used supplies




Totals =










b.

Prepare an income statement, balance sheet, and statement of cash flows for the 2013 accounting period. (Amounts to be deducted should be indicated with minus sign. Leave no cells blank - be certain to enter "0" wherever required. Be sure to enter assets in order of their liquidity in the Balance sheet.)


ACCOUNTING PROFESSIONALS, INC.
Income Statement
For the Year Ended December 31, 2013
$

$




ACCOUNTING PROFESSIONALS, INC.
Balance Sheet
As of December 31, 2013
Assets
$

Total assets $


Liabilities
$

Total liabilities $
Stockholders

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