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Question:4 All purchases are paid for as follows: 10% in the month of purchase, 50% in the following month, and 40% two months after purchase. Month June July Budgeted DM Purchases ($) 69,000 77,500 August 76,900 September 77,800 October 76,800 Calculate the budgeted balance of accounts payable at the end of October.

Question:4 All purchases are paid for as follows: 10% in the month of purchase, 50% in the following month, and 40% two months after purchase. Month June July Budgeted DM Purchases ($) 69,000 77,500 August 76,900 September 77,800 October 76,800 Calculate the budgeted balance of accounts payable at the end of October.

Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter7: Budgeting
Section: Chapter Questions
Problem 12EA: Desiccate purchases direct materials each month. Its payment history shows that 70% is paid in the...
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All purchases are paid for as follows

Question:4 All purchases are paid for as follows: 10% in the month of purchase, 50% in the following month, and 40% two months after purchase. Month June July Budgeted DM Purchases ($) 69,000 77,500 August 76,900 September 77,800 October 76,800 Calculate the budgeted balance of accounts payable at the end of October.
Transcribed Image Text:Question:4 All purchases are paid for as follows: 10% in the month of purchase, 50% in the following month, and 40% two months after purchase. Month June July Budgeted DM Purchases ($) 69,000 77,500 August 76,900 September 77,800 October 76,800 Calculate the budgeted balance of accounts payable at the end of October.
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