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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 $17,300 of services on account, and (2) he purchased $4,500 of supplies on account. There were $1,150 of supplies on hand as of December 31, Year 1. Required a. b. & e. Record the two transactions in the accounts. Record two separate entries for the closing entries. 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.
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