One hundred per cent (100%) of sales made by a firm is sold on credit....
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Accounting
One hundred per cent (100%) of sales made by a firm is sold on credit. Experience shows the firm collects cash for 30% of credit sales in the month of the sale, 50% in the following month, and the remaining 20% the month after.
The total sales achieved in June and July were $6,000 and $7,000 and the budget for August, September and October are $8,000, $7,500 and $7,500 respectively.
Required:
Produce a Schedule of Receipts showing the expected cash collections for August, September and October.
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