Kingston anticipates total sales for June and July of $ 3 2 0 , 0 0 0

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Question:

Kingston anticipates total sales for June and July of $

320, 000

and $

308, 000,

respectively. Cash sales are normally

70 %

of total sales. Of the credit sales,

25 %

are collected in the same month as the sale,

70 %

are collected during the first month after the sale, and the remaining

5 %

are collected in the second month after the sale. Determine the amount of accounts receivable reported on the company

s budgeted balance sheet as of July

31 .

Related Book For answer-question

Fundamental Accounting Principles

ISBN: 978-1259536359

23rd edition

Authors: John Wild, Ken Shaw, Barbara Chiappett

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Posted Date: May 07, 2024 04:35 AM

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Kingston anticipates total sales for June and July of $ 3 2 0 , 0 0 0

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Heres how to find the accounts receivable for Kingstons budgeted balance sheet as of July 31 Step 1 ... View the full answer

Fundamental Accounting Principles

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