All sales of Tess'sTess's

Jeans and Uniforms (TJUTJU)

are made on credit. Sales are billed twice monthly, on the fifth of the month for the last half of the prior month's sales and on the twentieth of the month for the first half of the current month's sales. For accounts paid within the first 10 days after the billing date, TJUTJU

gives customers a 2 %2%

discount; otherwise the full amount is due within 30 days of the billing date, and customers that do not pay within the 10-day discount period generally wait the full 30 days before making payment. Based on past experience, the collection experience of accounts receivable is:

What are July Collections:

May Sales billed June 5_ ________- Collection This is where I need the answer

June sales billed June 20 ____________-Collection (Answer)

June sales billed July 5 __________-Collection (Answer)

Total Collection ___________ (Answer)

Within the 10 day discount period 80%

At 30 days after billing 17%

Uncollectible 3%

Sales for May 20X8 were $700,000..

June 920,000

July 1,000,000

August 980,000

September 660,000