S2-7 (L earn i ng Obj ec tiv es 3 , 5: S ho w t he imp ac t o f t ransac ti ons on t he acco u n ti

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S2-7 (Learning Objectives 3, 5: Show the impact of transactions on the accounting equation; record (journalize and post) transactions in the books) Architect Aaron Ashton purchased supplies on account for $1,700. Later Ashton paid $425 on account.

1. Journalize the two transactions on the books of Aaron Ashton, architect. Include an explana- tion for each transaction.

2.  Open a T-account for Accounts Payable and post to Accounts Payable. Compute the balance

and denote it as Bal.

3. How much does the Ashton business owe after both transactions? In which account does this

amount appear?

 
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