Consultant Kelly Madison purchased supplies on account for $4,700. Later Madison paid $4,150 on account. 1. Journalize the two transactions on the books of Kelly Madison, 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 Kelly Madison, 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 Kelly Madison purchased supplies on account for $4,700. On August 1,2022 , The Village at Mill Lake, Inc., purchased inventory costing $48,000 by signing a 14%, six-month, short-term note payable. The company will pay the entire note (principal and interest) on the note's maturity date. Read the requirements. On August 1,2022 , The Village at Mill Lake, Inc., purchased inventory costing $48,000 by signing a 14%, six-month, short-term note payable. The company will pay the entire note (principal and interest) on the note's maturity date. Read the requirements