Sye Chase started and operated a small family architectural firm in Year 1. The firm...
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Accounting
Sye Chase started and operated a small family architectural firm in Year 1. The firm was affected by two events: (1) Chase provided $15,100 of services on account, and (2) he purchased $5,100 of supplies on account. There were $800 of supplies on hand as of December 31, Year 1.
Record the two transactions in the following T-accounts. Record two separate entries for the closing entries. Accounts Receivable Supplies Beg Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Accounts Payable Retained Earnings Beg. Bal. Beg. Bal. End. Bal. End. Bal. 0 Service Revenue Supplies Expense Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Post the entries in the T-accounts and prepare a post-closing trial balance. CHASE ARCHITECTURAL SERVICES Post-Closing Trial Balance December 31, Year 1 Account Titles Debit Credit Totals $0 $ 0
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