Sye Chase started and operated a small family architectural firm in Year 1. The firm was affected by two events: (1) Chase provided $15,100 of services on account, and (2) he purchased $5,100 of supplies on account. There were $800 of supplies on hand as of December 31, Year 1.

CHASE ARCHITECTURAL SERVICES Effect of Transactions on the Financial Statements for Year 1 Balance Sheet Income Statement Liabilities Stockholders' Equity Accounts Common Retained Stock Revenue Payable = Net Income Earnings Expense No. Assets Statement of Cash Flows Accounts Receivable Supplies 1. 2. Adi Bal