Blair is a retailer of assorted baby products. The sales forecast for the coming months...
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Accounting
Blair is a retailer of assorted baby products. The sales forecast for the coming months is:
Revenues
April (actual)
$
180,000
May (actual)
$
204,000
June
$
224,000
July
$
242,000
August
$
231,000
All sales are credit sales. The cash collection pattern is 25% in the month of sale, 65% in the month following the sale, and the remainder in the second month following the sale. Accounts receivable on June 1 were $171,000. a. Prepare a cash receipts schedule for the period June through August (by month). b. What will the Accounts Receivable balance be on August 31?
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