Consultant Mark Madson purchased supplies on account for $4,700. Later Madson paid $4,050 an account 1. Journalize the two transactions on the books of Mark Madson, Consultant. Include an explanation for each transaction. 2. A T-acoount for Accounts Payable has been opened. Post to Acoounts Payable. Compule the balance and denote it as Bal. 3. How much does the business owe atser both transactions? In which account does this amount appear? 1. Journalize the two bransactions on the books of Mark Madson, architect. Include an explanation for each transaction. (Record debiss fint, Ehen credits. Select the explanation on the last ine of the poumal entry table) Architect Mark Madson purchased supplies on account for 54,700 . Later Madson peid $4,050 on account Consultant Mark Madson purchased supplios on account for $4,700. Later Madson paid $4,050 on account. 1. Joumalze the two transactions on the books of Mark Madson, 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 denole it as Bal? 3. How much doos the business owe affer both transactions? in which account does this amount appear? Later Madson paid $4,080 on account 2. A T-account for Accounts Payable has been opened. Post to Acoounts Payable. Compute the balance and dencte it as Bal (For eac entries above as a posting rolerence. Denote the ending balance as Blal.) 3. How much does the business owe atter both transactions? in which account does this amount appea? The business owes as shown in the account