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All purchases are paid for as follows 10 in the month of

Question - General, Inc. has prepared the following direct materials purchases budget:

Month Budgeted DM Purchases

June $69,000

July 77,500

August 76,900

September 77,800

October 76,800

All purchases are paid for as follows: 10% in the month of purchase, 50% in the following month, and40% two months after purchase.

Calculate budgeted balance of accounts payable at the end of October.

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Accounting Basics: All purchases are paid for as follows 10 in the month of

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Accounting Basics: All purchases are paid for as follows 10 in the month of

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