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Graham Company projects the following sales for the first three months of the year: $11,500...

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Question

Accounting

Graham Company projects the following sales for the first three months of the year: $11,500 in January; 600$11,600 in February; and $16,300 in March. The company expects 60% of the sales to be cash and the remainder on account. Sales on account are collected 50% in the month of the sale and 50% in the following month. The Accounts Receivable account has a zero balance on January Round to the nearest dollar.

Requirments:

Prepare a schedule of cash receipts for Graham

for January, February,

and March.

What is the balance in Accounts Receivable on March 31?

Prepare a revised schedule of cash receipts if receipts from sales on account are

70% in the month of the sale, 20%

in the month following the sale, and

10% in the second month following the sale. What is the balance in Accounts Receivable on March 31?

Prepare a schedule of cash receipts for Graham

for January, February,

and March.

What is the balance in Accounts Receivable on March 31? (Leave unused and zero balance account cells blank, do not enter "0".)

Answer & Explanation Solved by verified expert
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