The following information was obtained from Kelly Corporation: Month Sales Purchases April $32,000 $12,000 May...
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Accounting
The following information was obtained from Kelly Corporation: Month Sales Purchases April $32,000 $12,000 May 36,000 14,000 June 40,000 16,000 July 44,000 18,000 August 48,000 20,000 September 57,000 22,000 Cash is collected from customers as follows: Month of sale (3% cash discount) 25% Month following sale 45% Two months following sale 25% Amount uncollectible 5% 35% of purchases are paid for in cash in the month of purchase, and the balance is paid the following month.
Required: a. Prepare a summary of cash collections for the 3th quarter. b. Prepare a summary of cash disbursements for the 3th quarter.
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