Answer only ### Yard Professionals Inc. Year 1 Accounting Information**Yard Professionals Inc.** experienced the following events in Year 1, its first year of operation:1. **Performed services for $15,000 cash.**2. **Purchased $6,000 of supplies on account.**3. **A physical count on December 31, Year 1, found that there was $1,250 of supplies on hand.**#### RequiredBased 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?**Complete this question by entering your answers in the tabs below. ### Understanding the Effect of Business Events on the Accounting Equation**Course Section: Accounting Basics**In this section, we will explore the impact of general business events on the accounting equation through a worksheet for 'YARD PROFESSIONALS INC.'#### Recording Events in General Ledger AccountsTo effectively track and report business activities, we need to record events in general ledger accounts under the accounting equation. Remember to enter any decreases to account balances with a minus sign.#### Example Case: YARD PROFESSIONALS INC.Below is a table that outlines how different events impact the assets, liabilities, and stockholders' equity of Yard Professionals Inc:| Event | Assets | Liabilities | Stockholders' Equity ||--------------------------------|----------------------|------------------|----------------------|| | Cash | Supplies | Accounts Payable | Retained Earnings || 1. Provided service | | | | || 2. Purchased supplies | | | | || 3. Used supplies | | | | || **Totals** | **0** | **0** | **0** | **0** |#### Events Analysis:1. **Provided Service**: - **Impact**: Typically increases cash (if collected) or accounts receivable (if billed) and increases retained earnings due to earned revenue.2. **Purchased Supplies**: - **Impact**: Increases supplies (asset) and either decreases cash (if paid immediately) or increases accounts payable (if on credit).3. **Used Supplies**: - **Impact**: Decreases supplies (asset) and increases expenses, reducing retained earnings.Make sure to analyze each event and correctly apply them to the respective categories to maintain a balanced accounting equation.#### Practice Problem:For the above events:- Record the respective changes to the categories listed.- Ensure the overall accounting equation remains balanced: Assets = Liabilities + Stockholders' Equity.#### Summary:Understanding how each transaction affects the accounting equation is fundamental in maintaining accurate financial records. By consistently applying these principles, you ensure transparency and accuracy in your financial reporting.

A general ledger account is an account or record used to sort, store and summarize a company's…

Yard Professionals Inc. experienced the following events in Year 1, its first year of operation: 1. Performed services for $15,000 cash. 2. Purchased $6,000 of supplies on account. 3. A physical count on December 31, Year 1, found that there was $1,250 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?

Yard Professionals Inc. experienced the following events in Year 1, its first year of operation: 1. Performed services for $15,000 cash. 2. Purchased $6,000 of supplies on account. 3. A physical count on December 31, Year 1, found that there was $1,250 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?

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter1: Introduction To Accounting

Section: Chapter Questions

Problem 2SEB: ACCOUNTING PROCESS Match the following steps of the accounting process with their definitions....

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Hello accounting tutors. Can you help me to answer this?. kindly see the attached image below or this link >> https://drive.google.com/file/d/1D4KNMJHHVMxVKdYvbABzQLTSijz2ZU9m/view
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