$7-11 Use Slopes Ski Shop's purchases journal (Exhibit 7-9, page 387) to address these questions that Steve Austin, the owner of the business, is faced with. 1. How much were Slopes' total purchases of inventory during November? 2. Suppose it is December 1 and Slopes wishes to pay the full amount that Slopes owes on account. Examine only the purchases journal. Then make a general journal entry to record payment of the correct amount on December 1. Include an explanation. What other entry would have to be made to keep the ledgers in balance? 4 Using the purchases journal A periodic inventory system would replace the Inventory The chick mark below the column column with a column ontitled the column total vous nod pooled because individual Panel A: Purchases Journal Purchases," items in the column were posted. Purchases Journal Page 8 Credits Debice Date Invoice Other Accounts 2020 Supplier Account Credited Terms Post. Accounts Account Date Roff. Payable Inventory |Supplies Title Nov. 2 JVG Canada Inc. 210240 01/11/20 3/15, m/30 Amount 700 Too Gr. Rossignol Cda Inc. 210132 05/11/20 n/30 310 319 city office Supply Co. 210019 09/11/20 2/10, n/30| 440 Equipment 191 Audio Electronics Inc. 210915 11/11/20 210 13 7VG Canada Inc. 219249 12/11/20 3/15. n/30 451 19 City office Supply Co. 210919 19/11/20 2/10. m/30 103 103 23 O' Leary Furniture Corp. 210322 22/11/20 Furniture 101 627 10 Totals 2. 074 1. 706 103 1,967 12101 (131) (161) P. 8 indicates the source of the posted amounts-that Individual Totals are posted is, Page & of the purchases at the end of Total is Individual amounts accounts are posted at the journal. payable are the month. not posted posted daily. end of the month. Panel B: Posting to Ledgers Accounts Payable Subsidiary Ledger General Ledger Audio Electronics Inc. 210015 Inventory No. 131 Urnl- Debit Date Debit Credit Balance Date Debit Credit Balance Nov . 12 P. B 236 236 Now Bal. 30 8. 3 1, 814 2,071 30 CR. 5 3:64 City Office Supply Co. 210079 1, 706 2.070 Date Jral- Debit Credit Balance Nov. 44 440 Supplies No. 161 543 Debit Date Item Ref Debit Credit Balance Nov. 30 P. . 103 103 Groupe Rossignol Canada Inc. 210152 Date Debit Credit Balance Furniture No. 101 Nov. 5 319 319 Debit Date Item Debit Credit Balance May. 21 P. # 627 627 JVG Canada Inc. 210240 Debit Credit Balance Equipment No. 191 Date Jral. Debi 700 Date Item Ref. Debit Credit Balance 451 640 O' Leary Furniture Corp 210323 Accounts Payable No. 210 Date Jral. Debit Credit Date Item Ref. Debit Credit credit Balance Balance Nov. 23 P. B 627 627 Now. 30 2, 876 2. 876