Check my work J. Lo's Clothiers has forecast credit sales for the fourth quarter of...
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Check my work J. Lo's Clothiers has forecast credit sales for the fourth quarter of the year: September (actual) $ 53,000 Fourth Quarter October $ 43,000 November 38,000 December 63,000 Experience has shown that 25 percent of sales are collected in the month of sale, 60 percent are collected in the following month, and 15 percent are never collected. Prepare a schedule of cash receipts for J. Lo's Clothiers covering the fourth quarter (October through December). covering the fourth quarter (October through December). J. Lo's Clothiers September October November Credit sales In month of sales One month after sales Total cash receipts J. Lo's Clothiers September October November December
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