Business, 22.02.2020 00:34 chawnholliday8673

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 t...