Exercise 2-9A (Algo) Supplies on financial statements LO 2-5, 2-8 Yard Professionals Inc. experienced the following events in Year 1, its first year of operation: 1. Performed services for $31,000 cash. 2. Purchased $7,800 of supplies on account. 3. A physical count on December 31, Year 1, found that there was $1,540 of supplies on hand. Required Based on this information alone: a. Record the events 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? es Complete this question by entering your answers in the tabs below. Req B1 Inc Req A Stmt Sheet Stmt Req B2 Bal Req 83 CF Req C and D Record the events under an accounting equation. (Not all cells require input. Enter any decreases to account balances with a minus sign.) YARD PROFESSIONALS INC. Effect of Events on the Accounting Equation Event 1. Provided service Assets Liabilities Accounts Cash Supplies Payable Stockholders' Equity Retained Earnings < Prev 6 of 10 Next >