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QS 7-27A (Algo) Merchandising: Schedule of cash payments LO P4 Torres Company budgets merchandise purchases...

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Accounting

QS 7-27A (Algo) Merchandising: Schedule of cash payments LO P4

Torres Company budgets merchandise purchases of $16,800 in January, $17,600 in February, and $20,200 in March. For those purchases, 60% of purchases are paid in the month of purchase and 40% are paid in the month after the purchase. The company purchased $24,000 of merchandise in December. Prepare a schedule of cash payments for merchandise for the months of January, February, and March.

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