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 $24,800 of services on account, and (2) he purchased $3,600 of supplies on account. There were $700 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 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.) Assets No. Accounts Receivable + Supplies 1. + 2. + Adj. + Bal. + CHASE ARCHITECTURAL SERVICES Effect of Transactions on the Financial Statements for Year 1 Balance Sheet Income Statement = Liabilities + Stockholders' Equity Accounts Payable + Common Stock + Retained Earnings Revenue Expense = = + + II = ++ + + + + II Net Income Statement of Cash Flows