Exercise $2-13$A $($Algo$)$ Supplies on financial statements LO $2-5,2-8$

Yard Professionals Incorporated experienced the following events in Year $1,$ its first year of operation:

Performed services for $$24,000$ cash.

Purchased $$7,200$ of supplies on account.

A physical count on December $31,$ Year $1,$ found that there was $$1,310$ of supplies on hand.

Required

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.

Prepare a statement of cash flows for the Year $1$ accounting period.