QUESTION2(7 marks) From the following data from Nick Scali Furniture, calculate the receipts...
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Accounting
QUESTION2(7 marks)
From the following data from Nick Scali Furniture, calculate the receipts of accounts receivable for July, August and September 2022.
ACTUAL
ESTIMATED
May
June
July
August
September
Credit Sales
$160,000
$85,000
$112,500
$87,400
$163,200
Credit sales are normally settled according to the following pattern:
25 per cent in the month of sale, 40 percent in the month following the sale and the remainder in the second month following the sale.
Suggestion: Student can use this template to answer this question.
JULY
2022
AUGUST
2022
SEPTEMBER
2022
TOTAL
QUESTION2(7 marks)
From the following data from Nick Scali Furniture, calculate the receipts of accounts receivable for July, August and September 2022.
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| ACTUAL | ESTIMATED | |||
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| May | June | July | August | September
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Credit Sales |
$160,000 |
$85,000 |
$112,500 |
$87,400 |
$163,200 |
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Credit sales are normally settled according to the following pattern:
25 per cent in the month of sale, 40 percent in the month following the sale and the remainder in the second month following the sale.
Suggestion: Student can use this template to answer this question.
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| JULY 2022 | AUGUST 2022 | SEPTEMBER 2022 |
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TOTAL
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