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Exercise 7-8A (Algo) Preparing a schedule of cash payments for inventory purchases LO 7-3 ...

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Accounting

Exercise 7-8A (Algo) Preparing a schedule of cash payments for inventory purchases LO 7-3
Benson Books buys books and magazines directly from publishers and distributes them to grocery stores. The
wholesaler expects to purchase the following inventory:
Benson Books' accountant prepared the following schedule of cash payments for inventory purchases. Benson Books'
suppliers require that 95 percent of purchases on account be paid in the month of purchase; the remaining 5 percent
are paid in the month following the month of purchase.
Required
a. Complete the schedule of cash payments for inventory purchases by filling in the missing amounts.
b. Determine the amount of accounts payable the company will report on its pro forma balance sheet at the end of the
second quarter.
Complete this question by entering your answers in the tabs below.
Required Required
A
B
Complete the schedule of cash payments for inventory purchases by filling in the missing
amounts.
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