Frank's Sporting Goods projects sales for the second quarter of 2015 to be as follows:
April $100,000 May $120,000 June $110,000
Ten percent of Frank's sales are for cash,70% of accounts receivable are collected one month following the sale,and the rest are collected two months following the sale.January sales were $40,000,February sales were $60,000,and March sales were $80,000.
A)Prepare a monthly schedule of cash receipts for the second quarter of 2015.
B)What is the balance in accounts receivable at the end of June?
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