Architect Harvey Holman purchased supplies on account for $$5,200.$ Later, Holman paid $$3,120$ on account.

Journalize the two transactions on the books of Harvey Holman, Architect. Include an explanation for each transaction.

The Accounts Payable T$-$account has been opened for you. Post the transactions to the T$-$account and compute the balance.

How much does the Holman's business owe after both transactions? In which account does this amount appear?

Journalize the two transactions on the books of Harvey Holman, architect. Include an explanation for each transaction. $($Record debits first, then credits. Enter explanations on the last line.$)$

Architect Harvey Holman purchased supplies on account for $$5,200.$

$\backslash$table$[[$Journal Entry$],[,$Accounts and Explanations,Debit,Credit$],[1.,$Supplies,$5,200,],[$Accounts Payable,,$5,200],[$Purchased supplies on account.,,$]]$

Later, Holman paid $$3,120$ on account.

$\backslash$table$[[$Journal Entry$],[,$Accounts and Explanations,Debit,Credit$],[2.,$Accounts Payable,$3,120,],[$Cash$,,3,120],[$Paid cash on account.,,$]]$

The Accounts Payable T$-$account has been opened for you. Post the transactions to the T$-$account and compute the balance. $($Leave any unused cells blank.$)$

Accounts Payable