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L07-2 Exercise 7-5B Determining cash receipts from accounts receivable Lingo Corporation...

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Accounting

L07-2
Exercise 7-5B Determining cash receipts from accounts receivable
Lingo Corporation is about to start a business as an agricultural products distributor. Because its customers will all be retailers, Lingo will sell its products solely on account. The company expects to collect 50 percent of accounts receivable in the month of sale and the remaining 50 percent in the following month. Lingo expects sales revenues of $300,000 in July, the first month of operation, and $240,000 in August.
Required
a. Determine the amount of cash Lingo expects to collect in July.
b. Determine the amount of cash Lingo expects to collect in August.
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