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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:
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 $122,900.a. Prepare a cash receipts schedule for the period June through August (by month).
b. What is the expected Accounts Receivable balance at August 31?
Required:
a. Prepare a cash receipts schedule for the period June through August (by month).
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