! 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 $24,200 of services on account, and (2) he purchased $3,900 of supplies on account. There were $950 of supplies on hand as of December 31, Year 1. c. Show the above transactions in a horizontal statements model. (Enter any decreases to account balances and cash outflows with a minus sign. In the Cash Flow column, use the initials OA to designate operating activity, IA for investing activity, FA for financing activity and NC for net change in cash and select "NA" wherever required.) CHASE ARCHITECTURAL SERVICES Effect of Transactions on the Financial Statements for Year 1 Assets = Liabilities + Stockholders' Equity Revenue Expense Net Income No. Statement of Cash Flow Accounts Receivable Supplies = Accounts Payable Common Stock Retained Earnings a1. + + + a2. + + : b + + + + + + Bal. 01 + 01 = 0+ 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 $24,200 of services on account, and (2) he purchased $3,900 of supplies on account. There were $950 of supplies on hand as of December 31, Year 1. 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