ard Professionals Incorporated experienced the following events in Year 1, its first year of operation:...
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Accounting
ard Professionals Incorporated experienced the following events in Year 1, its first year of operation: Performed services for $22,500 cash. Purchased $7,000 of supplies on account. A physical count on December 31, Year 1, found that there was $1,300 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
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