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?

Quizplus · Accepted Answer

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