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Thompson Express, a merchandising company, has provided the following information from their budget for the...

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Accounting

Thompson Express, a merchandising company, has provided the following information from their budget for the first quarter of the forthcoming year: Jan Feb March Purchases on account $27,000$ 21,000 $31,000 The company pays 40% of purchases on account in the current month and 60% in the following month Purchases on account from the previous December were $10,000. Prepare the budgeted schedule of cash payments for purchases for the first quarter.

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