Consultant Barry Bald purchased supplies on account for $5,000. Later Bald paid $3,950 on account. 1....

 

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Consultant Barry Bald purchased supplies on account for $5,000. Later Bald paid $3,950 on account. 1. Journalize the two transactions on the books of Barry Bald, 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? 1. Journalize the two transactions on the books of Barry Bald, architect. Include an explanation for each transaction. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Architect Barry Bald purchased supplies on account for $5,000. Journal Entry Accounts and Explanations Debit Credit 1. Supplies 5,000 Accounts Payable 5,000 Purchased supplies on account. Consultant Barry Bald purchased supplies on account for $5,000. Later Bald paid $3,950 on account. 1. Journalize the two transactions on the books of Barry Bald, 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? 1. Journalize the two transactions on the books of Barry Bald, architect. Include an explanation for each transaction. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Architect Barry Bald purchased supplies on account for $5,000. Journal Entry Accounts and Explanations Debit Credit 1. Supplies 5,000 Accounts Payable 5,000 Purchased supplies on account.

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Solution to Q3 After both transactions the amount which the company sti... View the full answer