Frank's sporting goods projects sales for the second quarter of 20x5 to be as follows:...
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Accounting
Frank's sporting goods projects sales for the second quarter of 20x5 to be as follows: April $100000 May $120000 June $110000. Ten percent of Frank's sales are for cash, 70% of accounts receivable are collected one month following the sale and the rest ar collected two months following the sale. January sales were $40000, February $60000, and march were $80000. Prepare a monthly schedule of cash receipts for the second quarter of 20x5 and what is the balance in accounts receivable at the end of june ?
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