Nori store contracts to purchase $1,000,000 of goods from a clothing manufacturer. nori pays $100,000 as a down payment, and the first $200,000 worth of goods are delivered. the goods are materially defective, and the defect cannot be cured. nori

a. must sell the goods even with the defectb. is obligated under the $1,000,000 contractc. must pay the additional $100,000d. can rescind the contract and receive its $100,000 backe. can rescind the contract, but it cannot get its $100,000 back

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.