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 $22.900 of services on account, and (2) he purchased $6,000 of supplies on account. There were $800 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. (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.) Answer is not complete. Accounts Receivable Supplies Accounts Receivable Supplies Beg Bal Beg Bal End Bal Accounts Payable Beg Bal 0 End Bal Retained Earnings Beg Bal End Bal End Bal Service Revenue Beg Bal End Bal Supplies Expense Beg Bal 0 End Bal Answer is not complete. No Date General Journal Answer is complete but not entirely correct. CHASE ARCHITECTURAL SERVICES Post-Closing Trial Balance Dacambar 31 Vaart 0 0 Debit Credit Answer is complete but not entirely correct. CHASE ARCHITECTURAL SERVICES Post-Closing Trial Balance December 31, Year 1 Debit $ 20,600 x Credit D Account Titles Cash Accounts receivable Accounts payable Common stock Retained earnings Totals 70,000 × 22,800 $ 90,600 24,000 43,800x $ 90,600
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 $22.900 of services on account, and (2) he purchased $6,000 of supplies on account. There were $800 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. (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.) Answer is not complete. Accounts Receivable Supplies Accounts Receivable Supplies Beg Bal Beg Bal End Bal Accounts Payable Beg Bal 0 End Bal Retained Earnings Beg Bal End Bal End Bal Service Revenue Beg Bal End Bal Supplies Expense Beg Bal 0 End Bal Answer is not complete. No Date General Journal Answer is complete but not entirely correct. CHASE ARCHITECTURAL SERVICES Post-Closing Trial Balance Dacambar 31 Vaart 0 0 Debit Credit Answer is complete but not entirely correct. CHASE ARCHITECTURAL SERVICES Post-Closing Trial Balance December 31, Year 1 Debit $ 20,600 x Credit D Account Titles Cash Accounts receivable Accounts payable Common stock Retained earnings Totals 70,000 × 22,800 $ 90,600 24,000 43,800x $ 90,600
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Required information
Exercise 13-10A (Algo) Recording supplies and identifying their effect on financial statements LO 13-1, 13-
Exercise 13-10A (Algo) Part a, b, and e
![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 $22.900 of services on account, and (2) he purchased $6,000 of supplies on account. There were $800 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. (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.)
Answer is not complete.
Accounts Receivable
Supplies
Accounts Receivable
Supplies
Beg Bal
Beg Bal
End Bal
Accounts Payable
Beg Bal
0
End Bal
Retained Earnings
Beg Bal
End Bal
End Bal
Service Revenue
Beg Bal
End Bal
Supplies Expense
Beg Bal
0
End Bal
Answer is not complete.
No
Date
General Journal
Answer is complete but not entirely correct.
CHASE ARCHITECTURAL SERVICES
Post-Closing Trial Balance
Dacambar 31 Vaart
0
0
Debit
Credit
Answer is complete but not entirely correct.
CHASE ARCHITECTURAL SERVICES
Post-Closing Trial Balance
December 31, Year 1
Debit
$ 20,600 x
Credit
D
Account Titles
Cash
Accounts receivable
Accounts payable
Common stock
Retained earnings
Totals
70,000 ×
22,800
$ 90,600
24,000
43,800x
$ 90,600](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F96437a12-84fe-4d92-bd73-3f79206af21d%2Fbbe282eb-b91f-4365-9ee0-c85ece654841%2Fug7130a_processed.png&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 $22.900 of services on account, and (2) he purchased $6,000 of supplies on account. There were $800 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. (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.)
Answer is not complete.
Accounts Receivable
Supplies
Accounts Receivable
Supplies
Beg Bal
Beg Bal
End Bal
Accounts Payable
Beg Bal
0
End Bal
Retained Earnings
Beg Bal
End Bal
End Bal
Service Revenue
Beg Bal
End Bal
Supplies Expense
Beg Bal
0
End Bal
Answer is not complete.
No
Date
General Journal
Answer is complete but not entirely correct.
CHASE ARCHITECTURAL SERVICES
Post-Closing Trial Balance
Dacambar 31 Vaart
0
0
Debit
Credit
Answer is complete but not entirely correct.
CHASE ARCHITECTURAL SERVICES
Post-Closing Trial Balance
December 31, Year 1
Debit
$ 20,600 x
Credit
D
Account Titles
Cash
Accounts receivable
Accounts payable
Common stock
Retained earnings
Totals
70,000 ×
22,800
$ 90,600
24,000
43,800x
$ 90,600
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