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Yeopay Plumbing Supply accepts bank credit cards and offers established plumbers charge accounts with terms of leom.n/45. Yeopey's experience is that 25% of its sales
Yeopay Plumbing Supply accepts bank credit cards and offers established plumbers charge accounts with terms of leom.n/45. Yeopey's experience is that 25% of its sales are for cash and bank credit cards. The remaining 75% are on credit of the cash sales. 40% pay cash and the remaining 60% pay with bank credit cards. Yeopay recelves payments from the bank on credit card sales at the end of the day. However, Yeopay has to pay for these services. An aging schedule for accounts receivable shows the following pattern on credit sales: 20% pay in the month of sale 50% pay in the first month following the month of sale. 15% pay in the second month following the month of sale, 12% pay in the third month following the month of sale. 39 are never collected All accounts not paid by the end of the second month following the month of sale are considered overdue and are subject to a 2% monthly late charge. Yeopay has prepared the following sales forecasts: June $ 60,000 80,000 Aupust 90,000 September 96,000 October 25,000 Required: 1a Prepare a schedule of cash receipts for September. Cosh receipts for September should total 585082 1b. Prepare a schedule of cash receipts for October. Cash receipts for October should total 588,141 Complete this question by entering your answers in the tabs below. Required: 10. Prepare a schedule of cash receipts for September Cash receipts for September should total 586,082 16. Prepare a schedule of cash receipts for October Cash receipts for October should total $88,141. Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Prepare a schedule of cash receipts for September. Cash receipts for September should total $86,082. (All percentage answers should be entered as whole numbers. If "Collection is 100 percent for a particular period, leave the corresponding cell blank.) Schedule of Cash Receipts: September Total Cash Receipts for September Sales Sales Payment Collection Receipts $ 0 0 Colection of accounts receivable 0 Cash 25 55 BRE % 0 0 0 0 Total cash receipts $ Reg 18 ) Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Prepare a schedule of cash receipts for October. Cash receipts for October should total $88,141. (All percentage answers should be entered as whole numbers. If "Collection is 100 percent for a particular period, leave the corresponding cell blank.) Schedule of Cash Receipts: October Total Sales Payment Cast Receipts for October Collection Cash Receipts 5 0 96 Collection of accounts receivable $ 0 % % 0 0 o Total cash receipt 5 0 C Reg 1A
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