Performed services for

$25,000

cash.\ Purchased

$7,000

of supplies on account.\ A physical count on December 31 , Year 1 , found that there was

$1,500

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?\ Complete this question by entering your answers in the tabs below.\ \\\\table[[Req A,\\\\table[[Req B1 Inc],[Stmt]],\\\\table[[Req B2 Bal],[Sheet]],\\\\table[[Req B3 CF],[Stmt]]]] Req C and D\ Record the events under an accounting equation. (Not all cells require input. Enter any decreases to account balances with minus sign.)\ YARD PROFESSIONALS INC.\ Effect of Events on the Accounting Equation\ \\\\table[[,YARD PROFE,IONALS IN,,,,],[,Effect of Events on

t

,Accounting,

Eq

,uation,,],[Event,,Assets,\\\\table[[

=

1. Performed services for $25,000 cash. 2. Purchased $7,000 of supplies on account. 3. A physical count on December 31, Year 1 , found that there was $1,500 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? Complete this question by entering your answers in the tabs below. Record the events under an accounting equation. (Not all cells require input. Enter any decreases to account balances with minus sign.)