Excel Learning Systems Inc; was organizod on September 30, 2016. Projected selling and administrative expenses for each of the first three months af operations are as follows: Depreciatioh, insurance, and property taxes represent $27,000 of the estimated monthly expenses, The annual insurance premium was paid an September 30 , and property taxes for the year will be paid in June. The company expects that 62% of the remainder of the expenses will be paid in the month in which they are incutred, with the balance to be paid in the following month