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Schedule of Cash Receipts Del Spencer is the owner and founder of Del Spencer's Men's Clothing Store. Del Spencer's has its own house charge accoun
Schedule of Cash Receipts Del Spencer is the owner and founder of Del Spencer's Men's Clothing Store. Del Spencer's has its own house charge accoun schedule for accounts receivable reveals the following pattern: 15 percent of credit sales are paid in the month of sale. 65 percent of credit sales are paid in the first month following the sale. 14 percent of credit sales are paid in the second month following the sale. 6 percent of credit sales are never collected. Credit sales that have not been paid until the second month following the sale are considered overdue and are subject to a 3 Del Spencer's has developed the following sales forecast: Required: Prepare a schedule of cash receipts for August and September. Round all amounts to the nearest dollar. Wing sobtaim: rale. thi following the sale. month following the sale. bhd month following the sale are considered everdue and are subject to a 3 percent iate charge. orecant fit September, Eound all smeume to the nearest dollar
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