Question
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!)
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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.)
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