Chapter 2, Problem 2.10S

(Learning Objective 4: Journalize and post transactions) Consultant Mary Gervais purchased supplies on account for $4,300. Later Gervais paid $3,450 on account.

1. 1. Journalize the two transactions on the books of Mary Gervais, Consultant. Include an explanation for each transaction.
2. 2. Open a T-account for Accounts Payable and post to Accounts Payable. Compute the balance and denote it as Bal.
3. 3. How much does the business owe after both transactions? In which account does this amount appear?