The causal view of an industry is that Multiple Choice market structure causes firms to behave in a certain way. market performance causes firms to have a certain structure. market performance causes firms to behave in a certain way. behavior causes firms to have a certain structure.

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.