Sye Chase started and operated a small family architectural firm in Year $1.$ The firm was affected by two events: $(1)$ Chase provided $$25,000$ of services on account, and $(2)$ he purchased $$2,800$ of supplies on account. There were $$250$ of supplies on hand as of December $31,$ Year $1.$

Required

a$.$ Record the two transactions in the T$-$accounts. $($fill in the blanks with the options $1.,2.,$closing, adjusting$)$

b$.$ Record the required year$-$end adjusting entry in the T$-$accounts.

c$.$ Show the preceding transactions in a horizontal statements model.

d$.$ Determine why the amounts of net income and net cash flow from operating activities differ.

e$1.$ Post the required closing entries to the T$-$accounts.

e$2.$ Record the required year$-$end adjusting entry to reflect the use of supplies and the required closing entries.

e$3.$ Prepare a post$-$closing trial balance.