Schedule of Cash Payments for a Service Company the first three months of operations are as Horizon Financial Inc. was organized on February 28. Projected selling and administrative expenses for each of t follows: March April May $52,400 64,200 68,900 ly expenses. The annual insurance premium was paid on February 28, Deprediation, insurance, and property taxes represent $9,000 of the estimated month and property taxes for the year will be paid in June. Seventy percent of the remainder of the expenses are expected to be paid in the month are incurred, with the balance to be paid in the following month. in which they 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 Paid in Apr onl expenses Paid in Apr