Question: Use Slopes Ski Shop's purchases journal (Exhibit 7-9, page 394) to address these questions that Steve Austin, the owner of the business, is faced with.

Use Slopes Ski Shop's purchases journal (Exhibit 7-9, page 394) to address these questions that Steve Austin, the owner of the business, is faced with.

1. How much were Slopes's 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?

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