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    Chart of Accounts for the Ming Company

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    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.)

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    Attachments

    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 ...

    Solution Summary

    Chart of Accounts for the Ming Company

    $2.49

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