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Jordan is a retail company specializing in men's hats. Its budget director prepared the list of expected operating expenses that follows. All items are
Jordan is a retail company specializing in men's hats. Its budget director prepared the list of expected operating expenses that follows. All items are paid when incurred except sales commissions and utilities, which are paid in the month following their incurrence. July is the first month of operations, so there are no beginning account balances. Salary expense Sales commissions (4 percent of sales) Supplies expense Utilities Depreciation on store equipment Rent Miscellaneous September $ 17,700 3,000 July $ 17,700 3,000 300 August $ 17,700 3,000 330 360 1,500 1,500 1,500 3,300 3,300 3,300 7,100 7,100 7,100 630 630 630 Total S&A expenses before interest $ 33,530 $ 33,560 $ 33,590 Required a. Prepare a schedule of cash payments for selling and administrative expenses. b. Determine the amount of utilities payable as of September 30. c. Determine the amount of sales commissions payable as of September 30. Req A Req B and C Prepare a schedule of cash payments for selling and administrative expenses. Schedule of Cash Payments for Selling and Salary expense Admin Expenses Sales commissions Supplies expense Utilities Depreciation expense Rent Miscellaneous Total payments for S&A expenses July August September $ 17,700 $ 17,700 $ 17,700 3,000 3,000 3,000 300 330 360 1,500 1,500 1,500 3,300 3,300 3,300 7,100 7,100 7,100 630 630 630 $ 33,530 $ 33,560 $ 33,590 c. Determine the amount of sales commissions payable as of September 30. Complete this question by entering your answers in the tabs below. Req A Req B and C Determine the amount of utilities payable and sales commissions payable as of September 30. b. Utilities payable c. Sales commissions payable
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