January Cash Sales = $12600 x 70% = $8820, Credit Sales = $12600
x 30% = $3780
February Cash Sales = $14600 x 70% = $10220, Credit Sales = $14600
x 30% = $4380
March Cash Sales = $16300 x 70% = $11410, Credit Sales = $16300 x
30% = $4890
January | February | March | Total | |
Total Sales | $ 12,600 | $ 14,600 | $ 16,300 | $ 43,500 |
January | February | March | Total | |
Cash Receipts from Customers | ||||
Accounts Receivable, balance January 1 | $ - | $ - | ||
January - Cash Sales | $ 8,820 | $ 8,820 | ||
January - Credit sales, Collection of January sales in January | $ 2,268 | $ 2,268 | ||
January - Credit sales, Collection of January sales in February | $ 1,134 | $ 1,134 | ||
January - Credit sales, Collection of January sales in March | $ 378 | $ 378 | ||
February - Cash Sales | $ 10,220 | $ 10,220 | ||
February - Credit sales, Collection of February sales in February | $ 2,628 | $ 2,628 | ||
February - Credit sales, Collection of February sales in March | $ 1,314 | $ 1,314 | ||
March - Cash Sales | $ 11,410 | $ 11,410 | ||
March - Credit sales, Collection of March sales in March | $ 2,934 | $ 2,934 | ||
Total Cash Receipts | $ 11,088 | $ 13,982 | $ 16,036 | $ 41,106 |
Accounts Receivable, March 31 = $43500 - $41106 = $2394
Requirement 2. Prepare a revised schedule of cash receipts from sales in account are 60% in...
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