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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 $23,700 of services on account, and (2) he purchased $5,100 of supplies on account. There were $950 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.) 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.) Accounts Receivable Supplies 0 0 Beg. Bal. a1. Beg. Bal. a2. 0 23,700 0 0 0 5,100 0 950 4,150 End. Bal. 23,700 End. Bal. Accounts Payable Beg. Bal. 0 Beg. Bal. Retained Earnings 0 0 0 23,700 0 5,100 4,150 0 cl End. Bal. End. Bal. 5,100 19,550 Service Revenue Supplies Expense 0 0 Beg. Bal. 0 Beg. Bal cl 23,700 23,700 b. 4,150 0 4,150 0 0 0 End. Bal. 0 End. Bal. 0