Problem: Module 1 Textbook Problem 8 Learning Objective: 1-9 Show how accounting for supplies affects financial statements Yard Professionals Inc. experienced the following events in Year 1, its first year of operation: 1. Performed services for $22,500 cash. 2. Purchased $7,000 of supplies on account. 3. 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 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. Record the events under an accounting equation. (Not all cells require input. Enter any decreases to account balances with a minus sign.) Complete this question by entering your answers in the tabs below. Record the events under an accounting equation. (Not all cells require input. Enter any decreases to account balances with a minus sign.)