CH 21 HW PART 2 Horizon Financial Inc. was organized on February 28, 2016. Projected seling and administrative expenses for each of the first three months of operations are as follows: 52,400 64,200 68,900 May insurance, and property taxes represent $9,000 of the estimated monthly expenses The annual insurance premium was paid on percent of the remainder of the expenses are expected to be paid in the February 28, and property taxes for the year will be paid in June. Seventy month in which they are incurred, with the balance to be paid in the following month Prepare a schedule indicating cash payments for seling and administrative expenses for March, April, and May. Enter all amounts as positive Expenses Schedule of Cash Payments for Selling and May March expenses Paid in March Paid in Apr April expenses Paid in Apri Paid in May Next ons are as foll March $52,400 64,200 68,900 April Depreciation, insurance, and property taxes represent $9,000 of the estimated monthly expenses. The annual insurance premium was paid on February 28, and property taxes for the year will be paid in June. Seventy percent of the remainder of the expenses are expected to be paid in the month in which they are incurred, with the balance to be paid in the following month. Prepare a schedule indicating cash payments for selling and administrative expenses for March, April, and May. Enter all amounts as positive numbers. For the Three Months Ending May 31, 2016 March April May March expenses: Paid in March Paid in April April expenses: Paid in April Paid in May May expenses Paid in May Previous Next