he 0 Schedule of cash payments for a service company Horizon Finandal Inc. was organized on February 28. Projected selling and administrative expenses for each of the first three months of operatio March $163,700 April 153,900 May 140,000 Deprecation, insurance, and property taxes represent $35,000 of the estimated monthly expenses. The annual insurance premium was paid on F 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 of cash payments for selling and administrative expenses for March April, and May. Excel Learning Systems Inc. Schedule of Cash Payments for Selling and Administrative Expenses For the Three Months Ending May 31 March April May March expenses: Paid In March Paid in April April expenses: Paid in April Pald in May May expenses Pald in May Total cash payments p o enses for each of the first three months of operations are as follows: wenses. The annual insurance premium was pald on February 28, and property taxes for the year will be paid in June. 67% of the remainder of the expenses in the following month. , and May