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Jackson Company's credit history indicates that 60 percent of revenue is collected in the quarter the sales occur, 35 percent in the quarter following the month of sales, and 5 percent in the quarter thereafter. Assume Jackson's cash sales remain steady at $25,000 each quarter, credit sales are $600,000 in quarter 1, $520,000 in quarter 2, $480,000 in quarter 3, and $650,000 in quarter 4. What will Jackson's cash collections from sales be for the quarter 3?

A. $500

B. $525,000

C. $505,000

D. $540,500

E. None of the above.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M939277

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