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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 $25,000 of services on account, and (2) he purchased $2,800 of supplies on account. There were $250 of supplies on hand as of December 31 , Year 1. Required a. b. \& e. Record the two transactions in the 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: Record the two transactions in the T-accounts Select "a1, a 2, 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 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: Record the two transactions in the T-accounts 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. Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet Note: Enter debits before credits. \begin{tabular}{|l|l|l|} \hline \multicolumn{3}{|c|}{ CHASE ARCHITECTURAL SERVICES } \\ Post-Closing Trial Balance \\ \hline \multicolumn{2}{|c|}{ December 31, Year 1 } \\ \hline Account Titles & Debit & Credit \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Totals & $ & \\ \hline \end{tabular} 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 $25,000 of services on account, and (2) he purchased $2.800 of supplies on account. There were $250 of supplies on hand as of December 31, Year 1. d. Explain why the amounts of net income and net cash flow from operating activities differ