Required information Exercise 13-10A (Algo) Recording supplies and identifying their effect on financial statements LO 13-1, 13- 3, 13-4 [The following information applies to the questions displayed below.] Sye Chase started and operated a small family architectural firm in Year 1. The firm was affected by two events: (1) Chase provided $19,000 of services on account, and (2) he purchased $7,900 of supplies on account. There were $1,050 of supplies on hand as of December 31, Year 1. Exercise 13-10A (Algo) Part a, b, and e Required a. b. & e. Record the two transactions in the T-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. Note: Select "a1, a2, or b" for the transactions in the order they take place. Select "cl" for closing entries. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Accounts Receivable Debit Credit Beginning Balance Ending Balance Supplies Debit Credit Beginning Balance Ending Balance
Required information Exercise 13-10A (Algo) Recording supplies and identifying their effect on financial statements LO 13-1, 13- 3, 13-4 [The following information applies to the questions displayed below.] Sye Chase started and operated a small family architectural firm in Year 1. The firm was affected by two events: (1) Chase provided $19,000 of services on account, and (2) he purchased $7,900 of supplies on account. There were $1,050 of supplies on hand as of December 31, Year 1. Exercise 13-10A (Algo) Part a, b, and e Required a. b. & e. Record the two transactions in the T-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. Note: Select "a1, a2, or b" for the transactions in the order they take place. Select "cl" for closing entries. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Accounts Receivable Debit Credit Beginning Balance Ending Balance Supplies Debit Credit Beginning Balance Ending Balance
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
fill table data
![Required information
Exercise 13-10A (Algo) Recording supplies and identifying their effect on financial statements LO 13-1, 13-
3, 13-4
[The following information applies to the questions displayed below.]
Sye Chase started and operated a small family architectural firm in Year 1. The firm was affected by two events: (1) Chase
provided $19,000 of services on account, and (2) he purchased $7,900 of supplies on account. There were $1,050 of
supplies on hand as of December 31, Year 1.
Exercise 13-10A (Algo) Part a, b, and e
Required
a. b. & e. Record the two transactions in the T-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.
Note: Select "a1, a2, or b" for the transactions in the order they take place. Select "cl" for closing entries. If no entry is required for
a transaction/event, select "No journal entry required" in the first account field.
Accounts Receivable
Debit
Credit
Beginning Balance
Ending Balance
Supplies
Debit
Credit
Beginning Balance
Ending Balance](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9d3a75e6-8bb1-4f56-8a76-2c4e411759f2%2F7484744a-1883-4352-82af-a82216b58309%2Fqzgrq4m_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
Exercise 13-10A (Algo) Recording supplies and identifying their effect on financial statements LO 13-1, 13-
3, 13-4
[The following information applies to the questions displayed below.]
Sye Chase started and operated a small family architectural firm in Year 1. The firm was affected by two events: (1) Chase
provided $19,000 of services on account, and (2) he purchased $7,900 of supplies on account. There were $1,050 of
supplies on hand as of December 31, Year 1.
Exercise 13-10A (Algo) Part a, b, and e
Required
a. b. & e. Record the two transactions in the T-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.
Note: Select "a1, a2, or b" for the transactions in the order they take place. Select "cl" for closing entries. If no entry is required for
a transaction/event, select "No journal entry required" in the first account field.
Accounts Receivable
Debit
Credit
Beginning Balance
Ending Balance
Supplies
Debit
Credit
Beginning Balance
Ending Balance
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