Effect of transactions on the Financial Statements for Year 1 Ansets Liabilities Stockholders' Equity Revenue Ne Account Receivable Supplies Accounts Payable Common Stock Retained Earnings a1 + a2 + + b + Bal 0 0 0 0 0 Required information Exercise 13-10A Recording supplies and identifying their effect on financial statements LO 13-1, 13 [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: ( provided $18,400 of services on account, and (2) he purchased $4,400 of supplies on account. There were $90 supplies on hand as of December 31, Year 1. Exercise 13-10A Part d d. Explain why the amounts of net income and net cash flow from operating activities differ. Net income is Net Cash Flow from Operating Activities is of revenue was earned on account, but none was collected, of supplies were used but none were paid for Required information Exercise 13-10A Recording supplies and identifying their effect on financial statements LO 13-1, 13-3, 13-4 [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 $18.400 of services on account, and (2) he purchased $4,400 of supplies on account. There were $900 of supplies on hand as of December 31, Year 1. Exercise 13-10A Part a, b, and e Required a. b. & e. Record the two transactions in the 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, a 2, 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.) Accounts Receivable Supplies Beg Bal Beg Bal