Portia is a retailer of scrapbooking products. The sales forecast for the coming months is: Portia's sales are all credit. The collection pattern is 60% in the month of sale, 35% the following month and the remainder in the second month following the sale. Accounts receivable on April 1 were $122,500.
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

Portia is a retailer of scrapbooking products. The sales forecast for the coming months is:  Portia's sales are all credit. The collection pattern is 60% in the month of sale, 35% the following month and the remainder in the second month following the sale. Accounts receivable on April 1 were $122,500.
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 Portia is a retailer of scrapbooking products. The sales forecast for the coming months is:  Portia's sales are all credit. The collection pattern is 60% in the month of sale, 35% the following month and the remainder in the second month following the sale. Accounts receivable on April 1 were $122,500.
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?

Portia Is a Retailer of Scrapbooking Products