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Need help with this question All Sales an on credit, due to work progress payments, 50% of sales are collected in the quarter of sale,
Need help with this question
All Sales an on credit, due to work progress payments, 50% of sales are collected in the quarter of sale, 30% of sales are collected in the quarter following the sale, and the remaining 20% of sales is collected in the 2nd quarter following the sale. Required: Prepare a Schedule of Receipts from Debtors for the Financial year ending June 2021. Credit Sales Sept 2020 Dec 2020 Mar 2021 June 2021 Mar 2020 $100,000 June 2020 $120,000 Sept 2020 $144,000 Dec 2020 $172,800 Mar 2021 $ June 2021 $ Total Cash ReceiptsStep by Step Solution
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