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What is the balance in the supplies expense account

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Reference no: EM132937996

Yard Professionals Inc. experienced the following events in 2018, its first year of operation:

  1. Performed counseling services for $24,500 cash.
  2. Purchased $4,600 of supplies on account.
  3. A physical count on December 31, 2018, found that there was $1,030 of supplies on hand.

Required

Based on this information alone:

Question 1: Record the events under an accounting equation.

Question 2: Prepare an income statement, balance sheet, and statement of cash flows for the 2018 accounting period.

Question 3: What is the balance in the Supplies account as of January 1, 2019?

Question 4: What is the balance in the Supplies Expense account as of January 1, 2019?

Reference no: EM132937996

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