The Account The following transactions occurred during December, the first month of operations for Harris Company. Prepare journal entries and create a T-account for accounts payable that includes the following five transactions. 1 Purchased $700 of inventory on account. 2 Purchased $500 of inventory on account. 3 Paid suppliers $800. 4 Purchased $600 of inventory on account. 5 Paid suppliers $500. General Journal Description Debit Credit Ref. (1) 0 To record purchase of inventory on account. (2) To record purchase of inventory on account. o o To record payment to suppliers. (4) o o To record purchase of inventory on account. (5) o To record payment to suppliers. Accounts Payable Balance 02