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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 accounts
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 accounts and has found from past experience that percent of its sales are for cash. The remaining percent are on credit. An aging schedule for accounts receivable reveals the following pattern: percent of credit sales are paid in the month of sale. percent of credit sales are paid in the first month following the sale. percent of credit sales are paid in the second month following the sale. 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 percent late charge. Del Spencer's has developed the following sales forecast: May $ June July August September Required: Prepare a schedule of cash receipts for August and September. Round all amounts to the nearest dollar. Del Spencer's Men's Clothing Store Schedule of Cash Receipts For the Months of August and September
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 accounts and has found from past experience that percent of its sales are for cash. The remaining percent are on credit. An aging schedule for accounts receivable reveals the following pattern:
percent of credit sales are paid in the month of sale.
percent of credit sales are paid in the first month following the sale.
percent of credit sales are paid in the second month following the sale.
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 percent late charge.
Del Spencer's has developed the following sales forecast:
May $
June
July
August
September
Required:
Prepare a schedule of cash receipts for August and September. Round all amounts to the nearest dollar.
Del Spencer's Men's Clothing Store
Schedule of Cash Receipts
For the Months of August and September
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