S22A-18 (similar to) E Question Help Jackson Company has budgeted purchases of m

Question

S22A-18 (similar to) E Question Help Jackson Company has budgeted purchases of merchandise inventory of $454 000 in January and $532 500 in February Assume Jackson pays for inventory purchases 70% in the month of the purchase and 30% in the month after pa chase The Accounts Payable balance on December 316 S9742 Prepare a sd dle of cash payments for purchases for January and February (i a box is not used in the table leave the box empty, do not entor a zoro ) JanuaryFebruary Total merchandise inventory purchases Janusry Februsry Cash Payments Merchandise Inventory Dec 31 Accounts Payable, paid in Jan Jan --Jan merchandise inventory purchases paid in Jan Jan. -Jan merchandise inventory purchases pald in Feb paid in Feb Total payments for merchandise inventory

Explanation / Answer

Particulars January febraury Total merchandise inventory purchases 454000 532500 january febraury Cash Payments Merchandise inventory: DEC- Dec 31 accounts payable , paid in jan 97425 Jan- jan merchandise inventory purchases paid in jan 317800 Jan- jan merchandise inventory purchases paid in FEB 136200 FEB- feb merchandise inventory purchases paid in FEB 372750 Total payments for merchandise inventory 415225 508950

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