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The Johann's Professional Service Company expects 70% of sales for cash and 30% on credit. The company collects 70% of its credit sales in the
The Johann's Professional Service Company expects 70% of sales for cash and 30% on credit. The company collects 70% of its credit sales in the month following sale, 25% in the second month following sale, with the rest expected to be uncollectible. Expected sales for June, July, and August are $59,000, $65,000, and $55,000, respectively. Johann's expects its uncollectible accounts lo total
percent of each month's credit sales. (Do not include a percent sign in your answer.)
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