Check 3 Yard Designs (YD) experienced the following events in Year 1, its first year of operation: 3.62 points 1. On October 1, Year 1, YD collected $40,800 for consulting services it agreed to provide during the coming year. 2. Adjusted the accounts to reflect the amount of consulting service revenue recognized in Year 1. Book Hint Required Based on this information alone: a. Record the events under an accounting equation. (Enter any decreases to account balances with a minus sign.) References YARD DESIGNS Accounting Equations for the Year 1 Assets Liabilities Event Stockholders Equity Retained Earnings Cash Unearned Revenue Advance payment Revenue eamed 0 0 0- b. Prepare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting period. (In statement of cash flows, cash outflows should be indicated with a minus sign.) ME Dr 2 A 111 Next >