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Question Content Area Preparing a Schedule of Cash Collections on Accounts Receivable Kailua and Company is a legal services firm. All sales of legal services

Question Content Area
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 5 months, the following sales billings are expected:
May $84,000
June 100,800
July 77,000
August 87,500
September 91,000
Required:
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 "0". Be sure to enter percentages as whole numbers.
Kailua and Company Schedule
August September
June:
$fill in the blank 1
\times fill in the blank 2
% $fill in the blank 3
$fill in the blank 4
July:
$fill in the blank 5
\times fill in the blank 6
% fill in the blank 7
$fill in the blank 8
\times fill in the blank 9
% fill in the blank 10
August:
$fill in the blank 11
\times fill in the blank 12
% fill in the blank 13
$fill in the blank 14
\times fill in the blank 15
% fill in the blank 16
September:
$fill in the blank 17
\times fill in the blank 18
% fill in the blank 19
fill in the blank 20
Total cash receipts $fill in the blank 21
$fill in the blank 22

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