Record the events under an accounting equation. (Do not round intermediate calculations. balances with a minus sign.) YARD DESIGNS Accounting Equations for the Year 1 Stockholders' Equity Retained Earnings Assets Liabilities Event Unearned Revenue Cash Event Adj. +.
Record the events under an accounting equation. (Do not round intermediate calculations. balances with a minus sign.) YARD DESIGNS Accounting Equations for the Year 1 Stockholders' Equity Retained Earnings Assets Liabilities Event Unearned Revenue Cash Event Adj. +.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Please answer the whole question. Answers only.

Transcribed Image Text:Complete this question by entering your answers in the tabs below.
Reg B Inc
Req A
Reg B Bal
Sheet
Reg B Stmt of
Cash Flows
Req C
Stmt
Record the events under an accounting equation. (Do not round intermediate calculations. Enter any decreases to a
balances with a minus sign.)
YARD DESIGNS
Accounting Equations for the Year 1
Stockholders
Equity
Retained
Earnings
Assets
Liabilities
Event
Unearned
Revenue
Cash
Event
Adj.
0.
+ + +
I || |

Transcribed Image Text:Yard Designs (YD) experienced the following events in Year 1, its first year of operation:
1. On October 1, Year 1, YD collected $28,800 for consulting services it agreed to provide during the coming year.
2. Adjusted the accounts to reflect the amount of consulting service revenue recognized in Year 1.
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. Ignoring all other future events, what is the amount of service revenue that would be recognized in Year 2?
Complete this question by entering your answers in the tabs below.
Reg B Inc
Stmt
Reg B Bal
Sheet
Reg B Stmt of
Cash Flows
Reg A
Req C
Record the events under an accounting equation. (Do not round intermediate calculations. Enter any decreases to account
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