Required information (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 $19,800 of services on account, and (2) he purchased $6,200 of supplies on account. There were $950 of supplies on hand as of December 31, Year 1. c. Show the above transactions in a horizontal statements model. (Enter any decreases to account balances and cash outflows with a minus sign. In the Cash Flow column, use the initials OA to designate operating activity, IA for investing activity, FA for financing activity and NC for net change in cash and select "NA" wherever required.) CHASE ARCHITECTURAL SERVICES Effect of Transactions on the Financial Statements for Year 1 Stockholders' Equity Revenue Expense Net Income %3D Assets Liabilities %3D Statement of Cash Flow No. Retained Accounts Receivable Accounts Payable Common Stock Supplies Earnings a1 a2 +1 b. Bal.

Required information (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 $19,800 of services on account, and (2) he purchased $6,200 of supplies on account. There were $950 of supplies on hand as of December 31, Year 1. c. Show the above transactions in a horizontal statements model. (Enter any decreases to account balances and cash outflows with a minus sign. In the Cash Flow column, use the initials OA to designate operating activity, IA for investing activity, FA for financing activity and NC for net change in cash and select "NA" wherever required.) CHASE ARCHITECTURAL SERVICES Effect of Transactions on the Financial Statements for Year 1 Stockholders' Equity Revenue Expense Net Income %3D Assets Liabilities %3D Statement of Cash Flow No. Retained Accounts Receivable Accounts Payable Common Stock Supplies Earnings a1 a2 +1 b. Bal.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts

Section: Chapter Questions

Problem 3E: Dr. L. M. Patton is an ophthalmologist. As of December 31, Dr. Patton owned the following property...

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