Barnes Company budgeted direct materials purchases of $191,990 in January and $138,610 in February. Assume Barnes pays

Question:

Barnes Company budgeted direct materials purchases of $191,990 in January and $138,610 in February. Assume Barnes pays for direct materials purchases 60% in the month of purchase and 40% in the month after purchase. The balance on January 1 is $75,000. Prepare a schedule of cash payments for purchases for January and February. Round to the nearest dollar?
Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...