Corres Co. forecasts merchandise purchases of $14,800 in January, $18,600 in February, and $22,200 in March; 40% of purchases are paid in the month of purchase and 60% are paid in the following month. At December 31 of the prior year, the balance of Accounts Payable (for December purchases) is $29,000. Prepare a schedule of cash payments for merchandise for each of the months of January, February, and March.

Answer rating: 100% (QA)

Note1 December month payment paid in the mo... View the full answer