ACC 231 Fall 2020 Homework: Chapter 2 Homework Score: 4.44 of 5 pts 1 of 4 (4 complete) S2-10 (similar to) Consultant Gary Gervais purchased supplies on account for $5,300. Later Gervais paid $3,350 on account. 1. Journalize the two transactions on the books of Gary Gervais, Consultant. Include an explanation for each transaction. 2. A T-account for Accounts Payable has been opened. Post to Accounts Payable. Compute the balance and denote it as Bal. 3. How much does the business owe after both transactions? In which account does this amount appear? Later Gervais paid $3,350 on account. Journal Entry Debit Credit Accounts and Explanations Accounts Payable 2. 3,350 Cash 3,350 Paid cash on account 2. A T-account for Accounts Payable has been opened. Post to Accounts Payable. Compute the balance and denote it as Bal. (For each transaction, select the transaction number used in the jo the ending balance as Bal.) Accounts Payable 2 3,350 1 5,300 Bal 1,950 3. How much does the business owe after both transactions? which account does this amount appear? The business owes $ as shown in the account Choose from any list or enter any number in the input fields and then click Check Answer. All parts showing Clear All