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18.The following information pertains to Fiza Cosmetics: Month Sales Purchases July...

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Accounting

18.The following information pertains to Fiza Cosmetics:

Month Sales Purchases

July $15,000 $5,000

August 17,000 6,000

September 19,000 7,000

October 21,000 8,000

November 24,000 9,000

December 30,000 10,000

Cash is collected from customers in the following manner:

Month of sale 40%

Month following sale 50%

Two months following sale 10%

50% of purchases are paid for in cash in the month of purchase, and the 50% balance is paid the following month.

Required:

a. Prepare a summary of cash collections for September and October.

b. Prepare a summary of cash disbursements for September and October.

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