S7-11 Use Slopes Ski Shop's purchases journal (Exhibit 7-90, 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 column with a column entitled "Purchase 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 Invoice Purchases Journal Page 8 Credits Debits Other Accounts Date Post. Accounts Account Post 2020 Supplier Account Credited Date Terms Ref. Payable Inventory Supplies Title Ref. Amount Nov. 2 JVC Canada Inc. 210240 01/12/20 3/15, n/30 700 700 G. Rossignol cda Inc. 21015205/11/20 1/30 319 39 9 city ice Supply Co. 210079 09/11/20 2/10, 1/30 440 Equipment 191 440 12 Audio Electronics The. 210015 11/11/20 n/30 236 236 13 JVG Canada Ine. 210240 12/11/20 3/15, 1/30 451 451 19 city ice Supply Co. 210079 19/11/2012/10, 1/30 103 103 23 O'Leary Purniture Corp. 210322 22/11/20 n/ 60623 Furniture 181 30 Totals 1.706 103 1.067 (210) (161) 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 indicates the source of the posted amounts--that Individual accounts is, Page 3 of the purchases journal payable are posted daily Panel B: Posting to Ledgers Accounts Payable Subsidiary Ledger Audio Electronics Ine. 210015 Jl. Date Rel. Debit Credit Balance Nov. 12 P. 236 236 General Ledger Inventory No. 131 Debit Balance Date Item Debit Credit 30 30 30 Jeni Ref Bal. 3.3 CR. P. 1.707 2,071 364 2.090 1,706 City Office Supply Co. 210079 ml Balance Supplies No. 161 Date Nov. 19 Ref. Debit P. P. Credit 460 103 Debit 543 Date Innl Ref. Item Debit 303 Credit Balance 103 2. 210152 Groupe Rossignol Canada Ine. Jl. Date Ret. Debit Credit 319 Purniture Balance No. 181 Debit Credit Balance Item Innl Ref. Debit P.B Date Nov. 23 210240 JVG Canada Inc. Jul Date Rel. Debit Nov. 2 P. 13 P. Credit 700 451 Balance 700 1.151 Equipment Date Item Innl. Ref No. 191 Debit Balance 210322 O'Leary Furniture Corp. Dr. Date Ref. Debit Nov. 23 P. Accounts Payable Innl Date Item Ref. Nov. 30 P.8 Debit No. 210 Credit Credit Balance 2,876 2,876 Credit 627 Balance 627