Question: Accounting Professionals Inc experienced the following events in 2014 its

Accounting Professionals Inc. experienced the following events in 2014, its first year of operation:
1. Performed services for $ 20,000 cash.
2. Purchased $ 4,000 of supplies on account.
3. A physical count on December 31, 2014, found that there was $ 1,000 of supplies on hand.

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 2014 accounting period.
c. What is the balance in the Supplies account as of January 1, 2015?

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  • CreatedMay 22, 2014
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