Portia Incorporated is a retailer of scrapbooking products. The actual and forecast sales for the months of April through August are: All sales are credit sales. The collection pattern is 60% in the month of sale, 35% the following month and the remainder in the second month following the sale. Accounts receivable on April 1 were $124,500. Required: a. Prepare a cash receipts schedule for the period June through August (by month). b. What is the expected Accounts Recelvable balance at August 31
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