Consultant Barry Bald purchased supplies on account for $4,600. Later Bald paid $3,550 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 aspear? Accounts and Explanations Debit Credit 1 Supplies 4,600 Accounts Payable 4,600 Purchased supplies on account Later Bald paid $3,550 on account Journal Entry Accounts and Explanations Debit Credit 2