This file contains a formatted MS Excel file containing various transactions to the chart of accounts for the Ming Company.
Ming Company's chart of accounts includes the following selected accounts.
201 Accounts Payable
120 Merchandise Inventory
306 T. Ming, Drawing
130 Prepaid Insurance
505 Cost of Goods Sold
On October 1 the accounts payable ledger of Ming Company showed the following balances: Bovary Company $2,910, Nyman Co. $2,600, Pyron Co. $1,810, and Sims Company $3,740. The October transactions involving the payment of cash were as follows.
Oct. 1 Purchased merchandise, check no. 63, $360.
3 Purchased equipment, check no. 64, $960.
5 Paid Bovary Company balance due of $2,910, less 2% discount, check no. 65, $2,852.
10 Purchased merchandise, check no. 66, $2,410.
15 Paid Pyron Co. balance due of $1,810, check no. 67.
16 T. Ming, the owner, pays his personal insurance premium of $560, check no. 68.
19 Paid Nyman Co. in full for invoice no. 610, $1,740 less 2% cash discount, check no. 69, $1,705.
29 Paid Sims Company in full for invoice no. 264, $2,530, check no. 70.
(a) Journalize the transactions above in a four-column cash payments journal with columns for Other Accounts Dr., Accounts Payable Dr., Merchandise Inventory Cr., and Cash Cr. Foot and crossfoot the journal. (If answer is zero, please enter 0 do not leave any fields blank.)© BrainMass Inc. brainmass.com March 4, 2021, 8:29 pm ad1c9bdddf
Attached is a formatted MS Excel file containing the answers to the questions below. Feel free to contact me in the future in the event that additional assistance is required.
a) Cash Payments Journal
Date Number Account Debited Ref. Other Accounts Dr. Accounts Payable Inventory Cr. Cash Cr.
Oct. 1 63 Merch. Inventory 120 0 0 360 360
3 64 Equipment 157 960 0 0 960
5 65 Bovary ...
Chart of Accounts for the Ming Company