PLEASE SHOW ALL WORK AND EQUATIONS*****

Jackson Company has budgeted purchases of merchandise inventory of $455,000 in January and $534,000 in February. Assume Jackson pays for inventory purchases 70% in the month of the purchase and 30% in the month after purchase. The Accounts Payable balance on December 31 is $97,825. Prepare a schedule of cash payments for purchases for January and February. (If an input field is not used in the table leave the input field empty; do not enter a zero.) Cash Payments January February Total merchandise inventory purchases January February Cash Payments Merchandise Inventory: Dec.-Dec. 31 Accounts Payable, paid in Jan. Jan.Jan. merchandise inventory purchases paid in Jan. Jan.Jan. merchandise inventory purchases paid in Feb. Feb.-Feb. merchandise inventory purchases paid in Feb. Total payments for merchandise inventory