Portia Incorporated is a retailer of scrapbooking products. The actual and forecast sales for the...
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Accounting
Portia Incorporated is a retailer of scrapbooking products. The actual and forecast sales for the months of April through August are: Revenues April (actual) $ 250,000 May (actual) 275,000 June 300,000 July 350,000 August 350,000 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 $122,500.
Prepare a cash receipts schedule for the period June through August (by month).
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