s//newconnect mheducation.com/flow/conn Quiz Help Yard Designs (YD) experienced

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s//newconnect mheducation.com/flow/conn Quiz Help Yard Designs (YD) experienced the following events in Year 1, its frst year of operation 1 On October 1. Year 1, YD collected $36,000 for consulting services it agreed to provide during the coming year 2. Adjusted the accounts to reflect the amount of consulting service revenue recognized in Year 1 Required Based on this information alone a. Record the events under an accounting equation. (Do not round intermediate calculations. Enter any decreases to account balances with a minus sign.) YARD DESIGNS Accounting Equations for the Year 1 Assets =| Liabilities |+Stockholders Equity .Retained Event Unearned Cash Event Adj. period. (Do not round t. and statement of cash flows for the Year 1 accounting

Explanation / Answer

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b.

c.

Yard Designs Accounting Equation for Year 1 Event Assets = Liabilities + Stockholders' Equity Cash Unearned Revenue Retained Earnings 1. 36,000 36,000 2. - 9,000 9,000 Totals 36,000 27,000 9,000

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