Question

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

Answer 1

ans 1
Supplies
	Dr	Cr	Bal
5-Sep	340		$340
			$340
Equipment
	Dr	Cr	Bal
26-Sep	450		$450
Accounts payable
	Dr	Cr	Bal
2-Sep		800	800
5-Sep		340	1140
13-Sep		1400	2540
26-Sep		450	2990
Inventory
	Dr	Cr	Bal
2-Sep	$800		$800
13-Sep	1400		$2,200
ans 2
Accounts Payable subsidiary ledger
Brotherton Inc
Date	Dr	Cr	Bal
2-Sep		800	800
13-Sep		1400	2200
Roff Office supply
Date	Dr	Cr	Bal
5-Sep		340	340
Mark equipment company
Date	Dr	Cr	Bal
5-Sep		450	450
ans 3
Total of Accounts payable		2990
Total of
Accounts Payable subsidiary ledger
Brotherton Inc	2200
Roff Office supply	340
Mark equipment company	450	2990
ans 4
Perpetual inventory system as with every purchase
Inventory is debited
If any doubt please comment. If satisfied rate