The purchases journal of Lightning Snowboards follows:
Required
1. Open three-column general ledger accounts for Inventory (account #131), Supplies (account #141), Equipment (account #171), and (account #210). Post to these accounts from the purchases journal. Use dates and posting references in the ledger accounts.
2. Open accounts in the subsidiary ledger for Brotherton Inc., Rolf Office Supply, and Marks Equipment Company. Post from the purchases journal. Use dates and journal references in the ledger accounts.
3. Balance the control account in the general ledger with the total of the balances in the subsidiary ledger.
4. Does Lightning Snowboards use a perpetual or a periodic inventory system?
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