Use the following information for the next two questions: Purchases in May were $60,000, while expected purchases for June and July are $75,000 and $92,000, respectively. All purchase paid 35% in the month of purchase and 65% in the following month. At what amount are June cash payments for purchases budgeted? $69, 750 $65, 250 $86, 050 $97, 450 What is the balance in accounts payable at July 31? $86, 050 $112, 270 $87, 750 $92,000