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.

Explanation:

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