Thornton Books buys books and magazines directly from publishers and distributes them to grocery stores....
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Accounting
Thornton Books buys books and magazines directly from publishers and distributes them to grocery stores. The wholesaler expects to purchase the following inventory: April May June Required purchases (on account) $ 106,000 $ 126,000 $ 138,000 Thornton Books accountant prepared the following schedule of cash payments for inventory purchases. Thornton Books suppliers require that 90 percent of purchases on account be paid in the month of purchase; the remaining 10 percent are paid in the month
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