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Schedule of Cash Collections on Accounts Receivable and Cash Budget Selig Inc. found that about 25% of its sales during the month were for cash.

Schedule of Cash Collections on Accounts Receivable and Cash Budget

Selig Inc. found that about 25% of its sales during the month were for cash. The company has the following accounts receivable payment experience:

Line Item Description Percent
Percent paid in the month of sale 20
Percent paid in the month after the sale 68
Percent paid in the second month after the sale 7

Selig's anticipated sales for the next few months are as follows:

Month Amount
April $250,000
May 290,000
June 300,000
July 315,000
August 295,000

Required:

Question Content Area

1. Calculate credit sales for May. fill in the blank 1 of 4$

Calculate credit sales for June. fill in the blank 2 of 4$

Calculate credit sales for July. fill in the blank 3 of 4$

Calculate credit sales for August. fill in the blank 4 of 4$

Question Content Area

2. Prepare a schedule of cash receipts for July and August. Round your answers to the nearest whole dollar, if necessary. If an amount box does not require an entry, leave it blank or enter "0". Be sure to enter percentages as whole numbers.

Selig Inc. Schedule of Cash Receipts For July and August
Line Item Description July August
Cash sales $fill in the blank 1 of 24 $fill in the blank 2 of 24
Payments on account:
From May credit sales:
$fill in the blank 3 of 24 fill in the blank 4 of 24 % fill in the blank 5 of 24 fill in the blank 6 of 24
From June credit sales:
$fill in the blank 7 of 24 fill in the blank 8 of 24 % fill in the blank 9 of 24
$fill in the blank 10 of 24 fill in the blank 11 of 24 % fill in the blank 12 of 24
From July credit sales:
$fill in the blank 13 of 24 fill in the blank 14 of 24 % fill in the blank 15 of 24
$fill in the blank 16 of 24 fill in the blank 17 of 24 % fill in the blank 18 of 24
From August credit sales:
$fill in the blank 19 of 24 fill in the blank 20 of 24 % fill in the blank 21 of 24 fill in the blank 22 of 24
Cash receipts $fill in the blank 23 of 24 $fill in the blank 24 of 24

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