Transaction Journalization:

November 10: Cash paid to Harish on account $15,000

Explanation:

1. Understanding the Transaction:
- The transaction involves the payment of $15,000 in cash to Harish against his account. This implies that Harish had previously sold goods or services on credit to the business.

2. Debit and Credit Aspect:
- In this transaction, Cash account will be credited as cash is being paid out.
- Harish's account will be debited as the payment is made to him.

3. Journal Entry:
- The journal entry for this transaction will be:
- Debit: Harish's Account $15,000
- Credit: Cash Account $15,000

4. Ledger Posting:
- After journalizing the transaction, the respective amounts will be posted to the ledger accounts.
- The Cash account will decrease by $15,000 and Harish's Account will also decrease by $15,000.

5. Impact on Financial Statements:
- This transaction will result in a decrease in the Cash balance on the balance sheet.
- The accounts receivable balance (Harish's Account) will also decrease on the balance sheet.

6. Importance of Proper Record-Keeping:
- It is crucial to maintain accurate records of such transactions to ensure transparency and accountability in financial dealings.
- Proper journalization and ledger posting help in tracking cash flows and monitoring account balances effectively.
By following the above steps, the transaction of cash payment to Harish on account can be accurately journalized, posted to the ledger, and reflected in the financial statements.