QS 20-21 Cash receipts, with uncollectible accounts LO P2 Wells Company reports the following sales...
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QS 20-21 Cash receipts, with uncollectible accounts LO P2 Wells Company reports the following sales forecast: September, $57,000; October, $57,000, and November, $88,000. All sales are on account. Collections of credit sales are received as follows: 25% in the month of sale, 60% in the first month after sale, and 10% in the second month after sale. 5% of all credit sales are written off as uncollectible. Prepare a schedule of cash receipts for November WELLS COMPANY Budgeted Cash Receipts For Month Ended November 30 Cash receipts from November cash sales Collection of October's sales Collection of September's sales Total budgeted cash receipts
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