The purchases journal of Lightning Snowboards follows:

Required
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.
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?

Transcribed Image Text:

Purchases Journal Page 7 Other Accounts Dr Post. Accounts Inventory SuppliesAcct. Post. Amt. Ref. Dr Data Account Credited Date Terms Ref. Payable Cr Dr Dr Title Sep. 2 Brotherton Inc. 02/09 n/30 5 Rolf Office Supply 05/09 n/30 13 Brotherton Inc. 13/09 2/10, n/30 800 800 340 340 1,400 1, 1,400 26 Marks Equipment Company 25/09 n/30 450 Equipment 450 30 Totals 2,990 2,200 340