A promissory note received from a customer in exchange for an account receivable is recorded by the payee as: A. A cash equivalent. B. An account receivable. C. A note receivable. D. A short-term investment. E. A note payable.

Sye chase started and operated a small family architectural firm in 2016. 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, 2016. 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.