Architect David Delorme purchased supplies on account for $2,000. Later Delorme paid $500 on account. 1. Journalize the two transactions
1. Journalize the two transactions on the books of David Delorme, architect. Include an explanation for each transaction.
2. Open a T-account for Accounts Payable and post to Accounts Payable. Compute the balance and denote it as Bal.
3. How much does the Delorme business owe after both transactions? In which account does this amount appear?
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...
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Question Posted: December 10, 2012 03:25:59