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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 Bareivable Supplies Accounts Receivable Supplies Beg Bal Beg Ball End Bal Accounts Payable Beg Bal 0 End Bal Retained Earnings Beg Bal End Bal End Ball Service Revenue Supplies Expense Beg Bal Beg Bal End Bal End Bal Answer is not complete. No Date General Journal Answer is complete but not entirely correct. CHASE ARCHITECTURAL SERVICES Post-Closing Trial Balance Dacamhar 31 Vaset 0 0 Debit Credit Answer is complete but not entirely correct. CHASE ARCHITECTURAL SERVICES Post-Closing Trial Balance December 31, Year 1 D Account Titles Cash Accounts receivable Accounts payable Common stock Retained earnings Totals Debit Credit XS 20,600 x 70,000 × 22,800 24,000 $ 90,600 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 Bareivable Supplies Accounts Receivable Supplies Beg Bal Beg Ball End Bal Accounts Payable Beg Bal 0 End Bal Retained Earnings Beg Bal End Bal End Ball Service Revenue Supplies Expense Beg Bal Beg Bal End Bal End Bal Answer is not complete. No Date General Journal Answer is complete but not entirely correct. CHASE ARCHITECTURAL SERVICES Post-Closing Trial Balance Dacamhar 31 Vaset 0 0 Debit Credit Answer is complete but not entirely correct. CHASE ARCHITECTURAL SERVICES Post-Closing Trial Balance December 31, Year 1 D Account Titles Cash Accounts receivable Accounts payable Common stock Retained earnings Totals Debit Credit XS 20,600 x 70,000 × 22,800 24,000 $ 90,600 43,800x $ 90,600

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 Bareivable Supplies Accounts Receivable Supplies Beg Bal Beg Ball End Bal Accounts Payable Beg Bal 0 End Bal Retained Earnings Beg Bal End Bal End Ball Service Revenue Supplies Expense Beg Bal Beg Bal End Bal End Bal Answer is not complete. No Date General Journal Answer is complete but not entirely correct. CHASE ARCHITECTURAL SERVICES Post-Closing Trial Balance Dacamhar 31 Vaset 0 0 Debit Credit Answer is complete but not entirely correct. CHASE ARCHITECTURAL SERVICES Post-Closing Trial Balance December 31, Year 1 D Account Titles Cash Accounts receivable Accounts payable Common stock Retained earnings Totals Debit Credit XS 20,600 x 70,000 × 22,800 24,000 $ 90,600 43,800x $ 90,600
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 Bareivable Supplies Accounts Receivable Supplies Beg Bal Beg Ball End Bal Accounts Payable Beg Bal 0 End Bal Retained Earnings Beg Bal End Bal End Ball Service Revenue Supplies Expense Beg Bal Beg Bal End Bal End Bal Answer is not complete. No Date General Journal Answer is complete but not entirely correct. CHASE ARCHITECTURAL SERVICES Post-Closing Trial Balance Dacamhar 31 Vaset 0 0 Debit Credit Answer is complete but not entirely correct. CHASE ARCHITECTURAL SERVICES Post-Closing Trial Balance December 31, Year 1 D Account Titles Cash Accounts receivable Accounts payable Common stock Retained earnings Totals Debit Credit XS 20,600 x 70,000 × 22,800 24,000 $ 90,600 43,800x $ 90,600
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