Essay
Blair is a retailer of assorted baby products.The sales forecast for the coming months is:
All sales are credit sales.The cash collection pattern is 20% in the month of sale,70% in the month following the sale,and the remainder in the second month following the sale.Accounts receivable on June 1 were $177,500.
a.Prepare a cash receipts schedule for the period June through August (by month).
b.What will the Accounts Receivable balance be on August 31?
Correct Answer:
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b.$208,000 = July ($240,000 × 10%)+ Aug...View Answer
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Correct Answer:
Verified
b.$208,000 = July ($240,000 × 10%)+ Aug...View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
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