(Answered) Question - supposed a company has the following

Accounting

Question - Supposed a company has the following data:

Accounts Receivable, May 31st: (2x May sales 360, 000)=720,000

Monthly forecast sales: June, $437,000.00 July, $441,000.00 August $502,000.00

Sales consist of 80% cash and 20% percent credit Are credit accounts are collected in the months following the sales. Uncollected accounts are negligible and maybe ignored ignored.

Prepare a sale budget schedule and a cash collection budget schedule for June, July, and August.

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