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Hi, I need Accounting help please Preparing a Schedule of Cash Collections on Accounts Receivable Kailua and Company is a legal services firm. All sales
Hi, I need Accounting help please
Preparing a Schedule of Cash Collections on Accounts Receivable Kailua and Company is a legal services firm. All sales of legal services are billed to the client (there are no cash sales). Kailua expects that, on average, 20% will be paid in the month of billing, 50% will be paid in the month following billing, and 25% will be paid in the second month following billing. For the next five months, the following sales billings are expected: May June July August September Required: $84,000 100,800 77,000 87,600 89,000 Prepare a schedule showing the cash expected in payments on accounts receivable in August and in September. If an amount box does not require an entry, leave it blank or enter "O
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