Sye Chase started and operated a small family architectural firm in 2016 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, 2016 a b e Record the two transactions in the accounts 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 (If no entry is required for a transaction event, select No journal entry required in the first account field Select a1, a2, or b for the transactions in the order they take place Select cl for closing entries ) ( P S These are the answers I've gotten so far My homwork program says that all these answers are correct It says that my answer isn't complete though For both of the tables If you could help me figure out what I'm missing that would be great ) Accounts Receivable Supplies Beg Bal Beg Bal a1 25,000 a2 2,800 2,550 End Bal 25,000 End Bal 250 Accounts Payable Retained Earnings Beg Bal Beg Bal 2,800 cl 2,550 25,000 End Bal 2,800 End Bal 22,450 Service Revenue Supplies Expense Beg Bal Beg Bal cl 25,000 25,000 b 2,550 2,550 End Bal 0 End Bal 0 Record the above transactions in a horizontal statements model ( Enter any decreases to account balances and cash outflows with a minus sign In the Cash Flow column, use the initials OA to designate operating activity, IA for investing activity, FA for financing activity and NC for net change in cash Select NA wherever required ) CHASE ARCHITECTURAL SERVICES Effect of Transactions on the Financial Statements for 2016 No Assets Liabilities Stockholders' Equity Revenue Expense Net Income Statement of Cash Flow Accounts Receivable Supplies Accounts Payable Common Stock Retained Earnings a1 25,000 25,000 25,000 25,000 NA a2 2,800 NA b (2,550) (2,550) 2,550 (2,550) NA Bal 25,000 250 0 0 22,450 25,000 2,550 22,450

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Sye Chase started and operated a small family architectural firm in 2016. The firm was affected by two events: (1) Chase provided $25,000 of services

Sye Chase started and operated a small family architectural firm in 2016. 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, 2016.

a. b. & e.

Record the two transactions in the accounts. 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Select "a1, a2, or b" for the transactions in the order they take place. Select "cl" for closing entries.)

(****P.S. These are the answers I've gotten so far. My homwork program says that all these answers are correct. It says that my answer isn't complete though. For both of the tables. If you could help me figure out what I'm missing that would be great!)

Accounts Receivable			Supplies
Beg. Bal.			Beg. Bal.
a1	25,000		a2	2,800	2,550

End. Bal.	25,000		End. Bal.	250

Accounts Payable			Retained Earnings
Beg. Bal.			Beg. Bal.
		2,800	cl	2,550	25,000

End. Bal.		2,800	End. Bal.		22,450

Service Revenue			Supplies Expense
Beg. Bal.			Beg. Bal.
cl	25,000	25,000	b.	2,550	2,550

End. Bal.		0	End. Bal.	0

Record the above transactions in a horizontal statements model. (Enter any decreases to account balances and cash outflows with a minus sign. In the Cash Flow column, use the initials OA to designate operating activity, IA for investing activity, FA for financing activity and NC for net change in cash. Select "NA" wherever required.)

CHASE ARCHITECTURAL SERVICES

Effect of Transactions on the Financial Statements for 2016

No.

Assets

Liabilities

Stockholders' Equity

Revenue

Expense

Net Income

Statement of Cash Flow

Accounts Receivable

Supplies