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Yard Professionals Inc. experienced the following events in Year 1, its first year of operation: Performed services for $34,000 cash. Purchased $8,200 of supplies on
Yard Professionals Inc. experienced the following events in Year 1, its first year of operation:
- Performed services for $34,000 cash.
- Purchased $8,200 of supplies on account.
- A physical count on December 31, Year 1, found that there was $1,560 of supplies on hand.
Required
Based on this information alone:
- Record the events under an accounting equation.
- Prepare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting period.
- What is the balance in the Supplies account as of January 1, Year 2?
- What is the balance in the Supplies Expense account as of January 1, Year 2?
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