Schedule of Cash Payments for a Service Company

Oakwood 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 $$111,000$

April $105,500$

May $96,000$

Depreciation, insurance, and property taxes represent $$24,000$ of the estimated monthly expenses. The annual insurance premium was paid on February $28,$ and property taxes for the year will be paid in June. $69\%$ 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 indicating cash payments for selling and administrative expenses for March, April, and May.

Oakwood 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 $fill in the blank $1$

Paid in April $fill in the blank $2$

April expenses:

Paid in April fill in the blank $3$

Paid in May $fill in the blank $4$

May expenses:

Paid in May fill in the blank $5$

Total cash payments $fill in the blank $6$

$fill in the blank $7$

$fill in the blank $8$