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207 please answer Kingston budgets total sales for June and July of $320,000 and $398,000, respectively. Cash sales are 60% of total sales. Of the
207 please answer
Kingston budgets total sales for June and July of $320,000 and $398,000, respectively. Cash sales are 60% of total sales. Of the credit sales, 20% are collected in the month of sale, 65% are collected during the first month after the sale, and the remaining 15% 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. Hint: Determine the percent of June and July sales that are uncollected at July 31 Step by Step Solution
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