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7. The following information is available. The expected credit sales of the second quarter are: How much cash will be collected in May? a. $360,000

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7. The following information is available. The expected credit sales of the second quarter are: How much cash will be collected in May? a. $360,000 b. $400,000 c. $420,000 d. $480,000 8. The following information is available. The expected credit purchases of the second quarter are: How much cash will be paid in May? a. $184,500 b. $195,600 c. $200,750 d. $221,400

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