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Sales on account for the first two months of the current year are budgeted as follows. January February $ 825,000 391,000 All sales are made
Sales on account for the first two months of the current year are budgeted as follows. January February $ 825,000 391,000 All sales are made on terms of 2/10, n/30 (2 percent discount if paid in 10 days, full amount by 30 days); collections on accounts receivable are typically made as follows. 608 15 Collections within the month of sale! Within discount period After discount period Collections within the month following saler Within discount period After discount period Returns, allowances, and uncollectibles Total 15 7 3 1008 Compute the estimated cash collections on accounts receivable for the month of February Estimated cash collections
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