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Learning Objective 3 E-F:7-21 Posting from the purchases journal; balancing the ledgers The purchases journal...

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Learning Objective 3 E-F:7-21 Posting from the purchases journal; balancing the ledgers The purchases journal of Southeastern Publishing Company follows: Merchandise Inventory DR column total $2,300 Purchases Journal Page 7 Other Accounts DR Account Post. Title Ref. Amount Post. Ref. Accounts Merchandise Office Payable CR Inventory DR Supplies DR Terms 830 Vendor Date Account Credited 2024 Sep. 2 Leap Tech 5 Jell Supply 13 Leap Tech 26 Fallon Equipment Sep 30 Total 155 1/30 n/30 5/10,n/30 n/30 830 155 1,470 880 1,470 Equipment 880 Requirements 1. Total each column of the purchases journal. 2. Open four-column ledger accounts for Merchandise Inventory (118), Office Supplies (120), Equipment (150), and Accounts Payable (211). Post to these accounts from the purchases journal. Use dates and posting references in the accounts. 3. Open four-column accounts in the accounts payable subsidiary ledger for Fallon Equipment, Jell Supply, and Leap Tech. Post from the purchases journal. Use dates and posting references in the ledger accounts. 4. Balance the Accounts Payable control account in the general ledger with the total of the ending balances in the accounts payable subsidiary ledger

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