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?

Quizplus · Accepted Answer

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