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You are analyzing the sales and cash receipts for a particular month. Determine the percentage breakdown according to cash sales and monthly collections of sales
You are analyzing the sales and cash receipts for a particular month. Determine the percentage breakdown according to cash sales and monthly collections of sales on accounts receivable. Classify the percentages as cash sales, month 1 after sale, month 2 after sale, ect. The following information is provided for the particular month:
Sales: $200,000
Journal entry increase to accounts receivable: $70,000
Selected aging of accounts receivable analysis:
30 days: $50,000
60 days: 14,000
90 days: 6000
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