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Accounting Professionals Inc. experienced the following events in 2013, its first year of operation:

1.	Performed services for $19,500 cash.
2.	Purchased $6,600 of supplies on account.
3.	A physical count on December 31, 2013, found that there was $1,280 of supplies on hand.

Required:

Based on this information alone:

a.	Record the events under an accounting equation. (Leave no cells blank - be certain to enter "0" wherever required. Amounts to be deducted should be indicated with minus sign.)

ACCOUNTING PROFESSIONALS, INC. Effect of Events on the Accounting Equation
		Assets		=	Liab.	+	Stk. Equity
Event		Cash	Supplies	=	Accounts Payable		Retained Earnings
1.	Provided service
2.	Purchased supplies
3.	Used supplies
	Totals			=

b.

Prepare an income statement, balance sheet, and statement of cash flows for the 2013 accounting period. (Amounts to be deducted should be indicated with minus sign. Leave no cells blank - be certain to enter "0" wherever required. Be sure to enter assets in order of their liquidity in the Balance sheet.)

ACCOUNTING PROFESSIONALS, INC. Income Statement For the Year Ended December 31, 2013
(Click to select) Retained Earnings Revenue Expense Supplies Cash	$
(Click to select) Expense Revenue Supplies Retained earnings Cash
(Click to select) Net income Net loss	$

ACCOUNTING PROFESSIONALS, INC. Balance Sheet As of December 31, 2013
Assets
(Click to select) Revenue Cash Accounts payable Retained earnings Supplies	$
(Click to select) Supplies Accounts payable Retained earnings Revenue Cash
Total assets		$
Liabilities
(Click to select) Retained earnings Supplies Accounts payable Cash Revenue	$
Total liabilities		$
Stockholders

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