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 10 percent of its sales are for cash. The remaining 90 percent are on credit. An aging 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 percent late charge.

Del Spencer's has developed the following sales forecast:

Required:

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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
		August		September
Cash sales		$		$
Received from sales in:
June:
July:
August:
September:
Total cash receipts		$		$

Ly.langagenow.com /takeAssignment/takeAssignment Min dov ertaktssignmentSessionLocator assignment take eBook Exercise 8.24 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 10 percent of its for cash. The remaining 90 percent are on credit. An aging 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 percent se charge. Del Spencer's has developed the following sales forecast: May $60,000 June 55.000 July 45,000 August 56,000 September 83,000 Required: Hide Prepare a schedule of cash receipts for August and September. Round all amounts to the nearest dollar, Prepare a schedule of cash receipts for August and September. Round all amounts to the nearest a Del Spencer's Men's Clothing Store Schedule of Cash Receipts For the Months of August and September August September Cash sales Received from sales in: June: July: August: September: Total cash receipts Ly.langagenow.com /takeAssignment/takeAssignment Min dov ertaktssignmentSessionLocator assignment take eBook Exercise 8.24 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 10 percent of its for cash. The remaining 90 percent are on credit. An aging 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 percent se charge. Del Spencer's has developed the following sales forecast: May $60,000 June 55.000 July 45,000 August 56,000 September 83,000 Required: Hide Prepare a schedule of cash receipts for August and September. Round all amounts to the nearest dollar, Prepare a schedule of cash receipts for August and September. Round all amounts to the nearest a Del Spencer's Men's Clothing Store Schedule of Cash Receipts For the Months of August and September August September Cash sales Received from sales in: June: July: August: September: Total cash receipts