The Guitar Shoppe reports the following budgeted sales: August, $130,000; and September. $220,000. For its total sales, 35% are Immediately collected in cash 55% are credit sales and collected in the month following sale, and the remaining 10% are written off as uncollectible. Prepare a schedule of cash receipts from sales for September. Sales THE GUITAR SHOPPE Schedule of Cash Receipts from Sales September $ 220,000 Cash receipts from Cash sales Collections of prior period sales Total cash receipts $ 0 Wells Company reports the following budgeted sales: September. $50,000; October, $68,000, and November $82.000. All sales are on credit, and 5% of those credit sales are budgeted as uncollectible. Collection of the remaining 95% of credit sales are budgeted as follows: 60% in the first month after sale and 35% in the second month after sale. Prepare a schedule of cash receipts from sales for November $ 82.000 WELLS COMPANY Schedule of Cash Receipts from Sales November Sales Cash receipts from Cash as Collection of October sales Collection of September sales Total cash receipts Kingston budgets total sales for June and July of $430,000 and $428,000, respectively. Cash sales are 60% of total sales. Of the credit sales, 25% are collected in the month of sale, 65% are collected during the first month after the sale, and the remaining 10% are collected in the second month after the sale. Determine the amount of accounts receivable reported on the company's budgeted balance sheet as of July 31. Hint: Determine the percent of June and July sales that are uncollected at July 31 Sales month Total Sales Credit Sales As of July 31 Percent Amount Uncollected Uncollected 5 June July Total 430,000 428,000