Jica company has forecast its sales as follows august , Ask an Expert

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Jessica Company has forecast its sales as follows:

August $180,000 (actual)
September 280,000 (actual)
October 360,000
November 400000
December 450,000

Jessica has experienced collections 40% during the month of sale, 50% the month after the sale, and 10% the second month after the sale.
Required:
a. Prepare a schedule of cash receipts for the 3 month period October - December.
b. What will the Accounts Receivable balance be on December 31?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9966391

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