QS 22-19 (Algo) Schedule of cash receipts LO P2

2.Music World reports the following budgeted sales: August, $190,000; and September, $230,000. Cash sales are 60% of total sales, and all credit sales are collected in the month following the sale. Prepare a schedule of cash receipts from sales for September.

1.The Guitar Shoppe reports the following budgeted sales: August, $160,000; and September, $190,000. For its total sales, 40% are immediately collected in cash, 50% are credit sales and collected in the month following sale, and the remaining 10% are written off as uncollectible. Prepare a schedule of cash receipts from sales for September.