Chart of Accounts for the Ming Company
Not what you're looking for?
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.
101 Cash
201 Accounts Payable
120 Merchandise Inventory
306 T. Ming, Drawing
130 Prepaid Insurance
505 Cost of Goods Sold
157 Equipment
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.
Instructions
(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.)
Purchase this Solution
Solution Summary
Chart of Accounts for the Ming Company
Solution Preview
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
Check Merchandise
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 ...
Purchase this Solution
Free BrainMass Quizzes
Employee Orientation
Test your knowledge of employee orientation with this fun and informative quiz. This quiz is meant for beginner and advanced students as well as professionals already working in the HR field.
Managing the Older Worker
This quiz will let you know some of the basics of dealing with older workers. This is increasingly important for managers and human resource workers as many countries are facing an increase in older people in the workforce
Paradigms and Frameworks of Management Research
This quiz evaluates your understanding of the paradigm-based and epistimological frameworks of research. It is intended for advanced students.
Motivation
This tests some key elements of major motivation theories.
Lean your Process
This quiz will help you understand the basic concepts of Lean.