S7-11 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 periodo inventory system would replace the inventory column with a columnited "Purchases." The check mark below the column total indicated that the column total was not posted because Individual items in the column were posted. Panel A: Purchases Journal Purchases Journal Credits Page 8 Debits Other Accounts Account Post Title Ref Amount Equipment 291 Date Invoice Post. Accounts 2020 Supplier Account Credited Date Terms Ref. Payable Inventory Supplies No. 2 JVC Canada Inc. 210240 01/11/2017/15, 1/30 700 700 Gr. Rossignol Cda Inc. 210152 05/11/20 1/30 319 319 city Office Supply Co. 210079 09/11/20/10, 1/30 440 12 Audio Electronics Inc. 210015 11/11/20 n/30 236 13 JVG Canada Inc. 210240 12/11/20/15, 1/30 451 10 City Office Supply Co. 210079 19/11/20 2/10, 1/30 203 103 23 O'Leary Furniture Corp. 210322 22/11/20 1/60 E627 JoTotale 2.876 1.706 103 12101 Purniture 181 627 Totals are posted at the end of the month Total is not posted Individual amounts are posted at the end of the month. P. 8 indicate the source of Individual the posted amounts that is, Page 8 of the purchases accounts journal payable are posted daily Panel B: Posting to Ledgers Accounts Payable Subsidiary Ledger Audio Electxonics Inc. 210015 Juni Date Ref. Debit Credit Balance Nov. 12 236 236 General Ledger Inventory No. 131 Debit Item Debit Credit Date Nov. 1 30 30 30 Ref Bal. 3.3 CR.SI P. 1,814 1,707 3,885 2,071 364 2,070 1.706 210079 City Office Supply Co. Juni Date Rel. Debit Nov. 2 19 Credit Balance Supplies Jul. No. 161 Debit Balance 103 543 Item Credit Date Nov. 30 Debit 103 103 210152 Groupe Rossignol Canada Inc. jrnl Date Ref. Debit Credit Nov. 5 P. 319 Furniture Ralance 319 Jmnl. Ref P. Debit No. 101 Debit Credit Balance 622 Date Nov. 23 210240 Equipment JVC Canada Inc. rnl Ret Nov. 2 P. 13 2.0 Debit Balance 700 Jrnl. Ref Item No. 191 Debit Balance 460 700 Date Nov. Debit 400 210322 O'Leary Furniture Corp. rnl Date Ref. Debit Nov. 23 P.B Accounts Payable Jrnl. Date Item Ref. Nov. 30 No. 210 Credit Credit Balance 2,876 2.676 Balance Debit Credit 627