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The following data relates to Acoustic Sales. All sales are on credit. Credit sales are normally settled according to the following pattern: 20 per cent
The following data relates to Acoustic Sales. All sales are on credit. Credit sales are normally settled according to the following pattern: 20 per cent in the month of the sale, 50 per cent in the month following the sale, and the remainder in the second month following the sale.
Actual | Estimated |
July | Ausguet | September | October | November | |
Credit sales | $108000 | $92000 | $96000 | $104000 | $95000 |
REQUIRED Calculate the receipts from accounts receivable for September, October and November of 2016.
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