QUESTION2(7 marks)
From the following data from Nick Scali Furniture, calculate the receipts of accounts receivable for July, August and September 2022.
ACTUAL
ESTIMATED
May
June
July
August
September
Credit Sales
$160,000
$85,000
$112,500
$87,400
$163,200
Credit sales are normally settled according to the following pattern:
25 per cent in the month of sale, 40 percent in the month following the sale and the remainder in the second month following the sale.
Suggestion: Student can use this template to answer this question.
JULY
2022
AUGUST
SEPTEMBER
TOTAL
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