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22 December, 21:45

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. RequiredBased on this information alonea. Record the events under an accounting equation. (Enter any decreases to account balances with aminus sign.

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  1. 23 December, 00:00
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    The accounting equation is presented below:

    Particulars Assets = Liabilities = Stockholders equity

    Cash Supplies Account payable Retained earnings

    1. Service

    Performed $20,000 $20,000

    2. Supplies

    Purchased $4,000 $4,000

    3. Supplies

    Used - $3,000 - $3,000

    Total $20,000 $1,000 $4,000 $17,000
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