P7-2A Ming Companys 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 $2,700, Nyman Co. $2,500, Pyron Co. $1,800, and Sims Company $3,700. The October transactions involving the payment of cash were as follows. Oct. 1 Purchased merchandise, check no. 63, $300. 3 Purchased equipment, check no. 64, $800. 5 Paid Bovary Company balance due of $2,700, less 2% discount, check no. 65, $2,646. 10 Purchased merchandise, check no. 66, $2,250. 15 Paid Pyron Co. balance due of $1,800, check no. 67. 16 T. Ming, the owner, pays his personal insurance premium of $400, check no. 68. 19 Paid Nyman Co.in full for invoice no.610,$1,600 less 2% cash discount,check no.69,$1,568. 29 Paid Sims Company in full for invoice no. 264, $2,500, check no. 70.