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Question: Wright Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business are $248,186, $304,519, and $409,962, respectively, for September, October, and November. The company expects to sell 20% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month of the sale, 25% in the month following the sale, and the remainder in the following month. What are the cash collections in October from sales on account?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M93075487

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