Architect

Mark MadsonMark Madson

purchased supplies on account for

$ 5 comma 500$5,500.

Later,

MadsonMadson

paid

$ 3 comma 300$3,300

on account.

1.	Journalize the two transactions on the books of Mark MadsonMark Madson, Architect. Include an explanation for each transaction.
2.	The Accounts Payable T-account has been opened for you. Post the transactions to the T-account and compute the balance.
3.	How much does the MadsonMadson's business owe after both transactions? In which account does this amount appear?