Schedule or 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: May June $60,000 54,000 July 46,000 August 57,000 September 84,000 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 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 Cash sales 5,700 Received from sales in: June: 6,804 X July: 26,910 September 8,400 5,796 X August: 7,695 33,345 September: 11,340 Total cash receipts 47,109 X 58,881 X Feedback Check My Work Some sales may be cash; some are on account and may be received later. Check My Work Previous