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Required information [The following information applies to the questions displayed below.] Sye Chase started and operated a small family architectural firm in Year 1.

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 $16,700 of services on account, and (2) he purchased $5,600 of supplies on account. There were $750 of supplies on hand as of December 31, Year 1.

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