Question 7 From the following information, prepare a schedule of debtors' collections and creditors' payments schedule for the three months ending June. Estimated Sales and purchase (GST exclusive) are: Month Sales Purchases $ $ February 10,000 4,750 March 9,500 4,510 April 15,000 7,125 14,000 6,650 June 16,000 7,600 May Credit sales is 70% of total sales 10% of debtors pay in the month of sale and receive a 4% discount .84% of debtors in the month after sale. .5% of debtors pay in the month that is two months after the sale. 1% of invoiced credit sales GST inclusive are deemed uncollectible. 71 Page GST at 10% is to be added to credit sales amount invoiced to debtors. 15% of purchases are cash purchases. .25% of creditors are paid in the month of purchase and receive a 5% discount. 70% of creditors are paid in the month after purchase. The balance of creditors are paid in the month that is two months after purchase. GST cash payments at 10% is to be added to credit amount invoiced by creditors