Question: This problem is a continuation of Problem 8.1B. INSTRUCTIONS 1. Set up an accounts payable subsidiary ledger for Mountain Ski Shop. Open an account for

This problem is a continuation of Problem 8.1B.

INSTRUCTIONS

1. Set up an accounts payable subsidiary ledger for Mountain Ski Shop. Open an account for each of the creditors listed below and enter the balances as of May 1, 2016. Arrange the accounts payable ledger in alphabetical order.

2. Post the individual entries from the purchases journal and the general journal prepared in Problem 8.1B.

3. Prepare a schedule of accounts payable for May 31.

4. Check the total of the schedule of accounts payable against the balance of the Accounts Payable account in the general ledger. The two amounts should be equal.

.................................................Creditors

Name........................................... Terms......................... Balance

May-Day Ski Shop.............................. n/30......................... $1,700

Fashion Ski Wear................................ n/60........................... 8,720

Winter Sports Clothing......................... 1/10, n/60.....................5,000

East Coast Snow Shop.......................... n/45........................... 6,188

Golden Skis & Clothing.........................2/10, n/30

Analyze:

What amount did Mountain Ski Shop owe to its supplier, East Coast Snow Shop, on May 31?

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