Blair is a retailer of assorted baby products. The sales forecast for the coming months is: All sales are credit sales. The cash collection pattern is 20% in the month of sale, 70% in the month following the sale, and the remainder in the second month following the sale. Accounts receivable on June 1 were $177,500.
a. Prepare a cash receipts schedule for the period June through August (by month).
b. What will the Accounts Receivable balance be on August 31?

Question

Blair is a retailer of assorted baby products. The sales forecast for the coming months is:  All sales are credit sales. The cash collection pattern is 20% in the month of sale, 70% in the month following the sale, and the remainder in the second month following the sale. Accounts receivable on June 1 were $177,500.
a. Prepare a cash receipts schedule for the period June through August (by month).
b. What will the Accounts Receivable balance be on August 31?

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The Answer of Blair is a retailer of assorted baby products. The sales forecast for the coming months is:  All sales are credit sales. The cash collection pattern is 20% in the month of sale, 70% in the month following the sale, and the remainder in the second month following the sale. Accounts receivable on June 1 were $177,500.
a. Prepare a cash receipts schedule for the period June through August (by month).
b. What will the Accounts Receivable balance be on August 31?

Blair Is a Retailer of Assorted Baby Products