Receivable Brief Exercise 9-30 Preparing a Schedule of Cash Collections on Accounts 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 bill- ing, 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 86,800 September 91,000 Required: Prepare a schedule showing the cash expected in payments on accounts receivable in August and in September. Brief Exercise 9-31 Preparing an Accounts Payable Schedule Wight Inc. purchases raw materials on account for use in production. The direct materials pur- chases budget shows the following expected purchases on account: April $374,400 May 411,200 June 416,000 Wight typically pays 20% on account in the month of billing and 80% the next month. Required: HOW 1. How much cash is required for payments on account in May? HO 2. How much cash is expected for payments on account in June