Tapp cowas organized on august 1 of the current year , Ask an Expert

Accounting

Trapp Co.was organized on August 1 of the current year. Projected sales for the next three months are as follows:

August	$100,000
September	185,000
October	225,000

The company expects to sell 40% of its merchandise for cash. Of the sales on account, one third are expected to be collected in the month of the sale and the remainder in the following month.

Prepare a schedule indicating cash collections of accounts receivable for August, September, and October.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9797506

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