Blair is a retailer of assorted baby products. The sales forecast for the coming months...
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Accounting
Blair is a retailer of assorted baby products. The sales forecast for the coming months is:
| Revenues | |||||||
| April (actual) | $ | 180,000 | |||||
| May (actual) | $ | 204,000 | |||||
| June | $ | 224,000 | |||||
| July | $ | 242,000 | |||||
| August | $ | 231,000 | |||||
All sales are credit sales. The cash collection pattern is 25% in the month of sale, 65% in the month following the sale, and the remainder in the second month following the sale. Accounts receivable on June 1 were $171,000. 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?
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