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: Chase provided $18,900 of services on account, and (2) he purchased $7,700 of supplies on account. There were $700 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
Supplies
Debit
Credit
Beginning Balance