Record the events in general ledger accounts under an accounting equation. (Enter any decreases to account balances with a minus sign.) YARD PROFESSIONALS INC. Effect of Events on the Accounting Equation Assets Liabilities Event Stockholders' Equity Retained Earnings Cash Supplies Accounts Payable 1. Provided service 2. Purchased supplies 3. Used supplies Totals + + 0 0 = 0 + 0 Prepare an income statement for the Year 1 accounting period. YARD PROFESSIONALS INC. Income Statement For the Year Ended December 31, Year 1 $ 0 Prepare an balance sheet for the Year 1 accounting period. YARD PROFESSIONALS INC. Balance Sheet As of December 31, Year 1 Assets $ 0 Total assets Liabilities $ 0 Total liabilities Stockholders' Equity 0 Total stockholders' equity Total liabilities and stockholders' equity $ 0 Prepare an balance sheet for the Year 1 accounting period. YARD PROFESSIONALS INC. Balance Sheet As of December 31, Year 1 Assets $ 0 Total assets Liabilities $ 0 Total liabilities Stockholders' Equity 0 Total stockholders' equity Total liabilities and stockholders' equity $ 0 What is the balance in the Supplies account and Supplies Expense account as of January 1, Year 2? C. Supplies d. Supplies expense Exercise 2-13A 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 $35,000 cash. 2. Purchased $6,000 of supplies on account. 3. A physical count on December 31, Year 1, found that there was $1,800 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