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Hardy Co, reports budgeted merchandise purchases below. For those purchases, 40% of a month's purchases is paid in the month of purchase, and 60% is
Hardy Co, reports budgeted merchandise purchases below. For those purchases, 40% of a month's purchases is paid in the month of purchase, and 60% is paid in the first month after purchase. Prepare the schedule of cash payments for merchandise purchases for September and October. Table Summary: First column pas no heading. \begin{tabular}{lrr} & Debit & Credit \\ & $50,000 & \\ \hline Cash & 120,000 & \\ Accounts recelvable & 64,000 & \\ Merchandise inventory & 125,000 & \\ Equipment & & $25,000 \\ Accumulated depreciation-Equipment & 34,000 \\ Accounts payable & & 22,000 \\ Loan payable & & 200,000 \\ Common stock & & 58,000 \\ Retained earnings (beginning year balance) & & \\ Sales & 360,000 \\ Cost of goods sold & & \\ Loan interest expense & 10,000 & \\ Depreciation expense & 122,000 & \\ Salaries expense & $859,000 & $859,000 \\ \hline Totals & & \\ \hline \end{tabular}
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