John Wallace Optical Dispensary completed the following transactions during the latter part of March Mar. 15 Purchased office supplies on account, $2,700 28 Paid $700 on account Read the requirements Requirement 1. Journalize the transactions of John Wallace Optical Dispensary. Include an explanation with each journal entry. (Record debits first, then credits Select the explanation on the last line of the journal entry table.) Mar 15: Purchased office supplies on account, $2,700. Date Accounts and Explanation Debit Credit Mar 15 Office Supplies 2700 Accounts Payable 2700 Purchased office supplies on account Mar 28: Paid $700 on account. Read the requirements Mar. 28: Paid $700 on account. Date Debit Credit Accounts and Explanation Cash Accounts Payable Mar. 28 700 700 Paid cash on account. Requirement 2. The following T-accounts have been opened for you: Cash (Beginning Balance of $12,000), Office Supplies, and Accounts Payable. Post the journal entries from Requirement 1 to the accounts, and compute the balance in each account. (Use a "Bal" posting reference on the proper side of each account to show the ending balances of the accounts.) Accounts Payable Cash Bal 12,000 Office Supplies