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 $16,800 of services on account, and (2) he purchased $5,000 of supplies on account. There were $1,200 of supplies on hand as of December 31, Year 1. c. Show the above transactions in a horizontal statements model Note: Enter any decreases to account balances and cash outflows with a minus sign. In the Statement of Cash Flows column, use the initials OA to designate operating activity, IA for investing activity, FA for financing activity and NC for net change in cash. Not all cells require input. Number Assets Accounts Receivable Supplies a1. a2 b. Balance 0- CHASE ARCHITECTURAL SERVICES Effect of Transactions on the Financial Statements for Year 1 Balance Sheet Income Statement Liabilities + Stockholders' Equity Statement of Cash Flows Accounts Payable Common Stock Retained Earnings Revenue Expense Net Income + 0 . 0+ 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 $16,800 of services on account, and (2) he purchased $5,000 of supplies on account. There were $1,200 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