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13 k Required information [The following information applies to the questions displayed below.] Sye Chase started and operated a small family architectural firm in
13 k Required information [The following information applies to the questions displayed below.] Sye Chase started and operated a small family architectural firm in Year 1. The firm was affected by two events: (1) Chase provided $20,000 of services on account, and (2) he purchased $5,900 of supplies on account. There were $1,000 of supplies on hand as of December 31, Year 1. Required a. b. & e. Record the two transactions in the T-accounts. Record the required year-end adjusting entry to reflect the use of supplies and the required closing entries. Post the entries in the T-accounts and prepare a post-closing trial balance. (Select "a1, a2, or b" for the transactions in the order they take place. Select "cl" for closing entries. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) ces Accounts Receivable Beg. Bal Supplies Beg. Bal End Bal. End. Bal Accounts Payable Retained Earnings Beg Bal Beg Bal End Bal End Bal Service Revenue Supplies Expense Beg. Bal Beg Bal End Bal End Bal
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