Schedule of cash payments for a service company Horizon Financial Inc. was organized on February 28. Projected selling and administrative expenses for each of the first three months of operations are as follows: March $113,500 April 104,400 May 95,000 Depreciation, Insurance, and property taxes represent $24,000 of the estimated monthly expenses. The annual Insurance premium was paid on February 20, and property taxes for the year will be paid in June. 639 of the remainder of the expenses 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. Horizon Financial 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 56.385 Paid in April 57.115 x April expenses Paid in April 50.652 Paid in May May expenses Paid in May Total cash payments 543 107.767 X