Required Describe the three posted transactions. Exercise 7-12 The purchases journal of Lightning Snowboards follows Posting from the purchases journal, balancing the ledgers 4 3. Total Accounts Payable, $2,990 Purchases Journal Page 7 Other Accounts Dr Invoice Date Post. Accounts Inventory Supplies Ref. Payable Cr Acct Title Data Account Credited Terms Post Amt Dr Dr Ref Dr Sep. 2 Brotherton Inc. 5 Rolf Office Supply 02/09 n/30 800 800 05/09 n/30 340 340 13 Brotherton Inc. 13/09 2/10, 1,400 1,400 n/30 26 Marks Equipment 450 450 Equipment Company 25/09 n/30 450 2,990 2.200 340 30 Totals 1. Open three-column general ledger accounts for Inventory (account #131), Supplies (account #141), Equipment (account # 171), and Accounts Payable (account #210). Post to these accounts from the purchases journal. Use dates and posting references in the ledger accounts. Required 417 Chapter 7 Accounting Information Systems 2. Open accounts in the accounts payable subsidiary ledger for Brotherton Inc., Rolf Office Supply, and Marks Equipment Company. Post from the purchases journal. Use dates and journal references in the ledger accounts. 3. Balance the Accounts Payable control account in the general ledger with the total of the balances in the accounts payable subsidiary ledger. 4. Does Lightning Snowboards use a perpetual or a periodic inventory system? Exercise 7-13 During February, Dean Products had the following transactions: 4 urnal Feb. 3 Paid $490 on account to Marquis Corp. net of a $10 discount for an earlier purchase of inventory 790 Purchased inventory for cash, $3,800