Exercise 2-13A (Algo) Supplies on financial statements LO 2-5, 2-8 Yard Professionals Incorporated experienced the following events in Year 1, its first year of operation: 1. Performed services for $21,500 cash. 2. Purchased $4,200 of supplies on account. 3. A physical count on December 31, Year 1, found that there was $1,010 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? Complete this question by entering your answers in the tabs below. Req B Inc Req B Bal Req A Stmt Sheet Req B Stmt of Cash Flows Req C and D Record the events in general ledger accounts under an accounting equation. (Enter any decreases to account balances with a minus sign.) Event YARD PROFESSIONALS INC. Effect of Events on the Accounting Equation 1. Provided service 2. Purchased supplies 3. Used supplies Totals Assets Cash Supplies Liabilities Accounts Payable Stockholders' Equity Retained Earnings 21,500 0 0 = 4,200 = 0+ 21,500 4,200+ 0 0 (3,190)= 0+ (3,190) 21,500 1,010 = 4,200+ 18,310 < Req A Req B Inc Stmt >