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
Chapter6: Deductions And Losses: In General
Section: Chapter Questions
Problem 44P
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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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