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Frank s sporting goods projects sales for the second quarter of 200X to be as follows: April $ 100,000 May $ 120,000 June $110,000 10% of Frank s sales are for cash, 70% of accounts receivable are collected on 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 200X b) What is the balance in accounts receivable at the end of June?

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