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The Guitar Shoppe reports the following budgeted sales: August, $140,000; and September, $210,000. For its total sales, 30% are immediately collected in cash, 50%
The Guitar Shoppe reports the following budgeted sales: August, $140,000; and September, $210,000. For its total sales, 30% are immediately collected in cash, 50% are credit sales and collected in the month following sale, and the remaining 20% are written off as uncollectible. Prepare a schedule of cash receipts from sales for September. THE GUITAR SHOPPE Schedule of Cash Receipts from Sales Sales Cash receipts from: Cash sales Collections of prior period sales Total cash receipts September $210,000 $ 0
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