Refer to Slopes Ski Shop's purchases journal (Exhibit 7-9, page 394) and cash payments journal (Exhibit 7-10,

Question:

Refer to Slopes Ski Shop's purchases journal (Exhibit 7-9, page 394) and cash payments journal (Exhibit 7-10, page 396). Steve Austin, the owner, has raised the following questions about the business.
1. By how much did total credit purchases of inventory, supplies, equipment, and furniture increase Slopes's during November?
2. How much of the balance did Slopes pay off during November?
3. At November 30, after all purchases and all cash payments, how much does Slopes owe JVG Canada Inc.? How much in total does Slopes owe on account?
Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...