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J. Los Clothiers has forecast credit sales for the fourth quarter of the year: September (actual) $ 64,000 Fourth Quarter October $ 54,000 November 49,000
J. Los Clothiers has forecast credit sales for the fourth quarter of the year: September (actual) $ 64,000 Fourth Quarter October $ 54,000 November 49,000 December 74,000 Experience has shown that 20 percent of sales are collected in the month of sale, 65 percent are collected in the following month, and 15 percent are never collected. Prepare a schedule of cash receipts for J. Los Clothiers covering the fourth quarter (October through December).
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