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DuPree Enterprises reported the following cash collections in July and August from credit sales:
July August
From June receivables $ 41,000
From July sales 152,000 $ 38,000
From August sales 176,000
The company sells a single product for $20, and all sales are collected over a two-month period.
Required: A. Determine the number of units that were sold in July.
B. Determine the percent of credit sales collected in the month of sale and the percent of sales collected in the month following sale.
C. How many units were sold in August?
D. Determine the accounts receivable balance as of August 31.
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| | | | | A. | Number of units | ? | units | | B. | Credit sales | ? | % | | C. | Number of units | ? | units | | D. | Receivable balance | ? | |
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