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The Guitar Shoppe reports the following budgeted sales: August, $120,000; and September, $230,000. For its...

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Accounting

The Guitar Shoppe reports the following budgeted sales: August, $120,000; and September, $230,000. For its total sales, 35% are immediately collected in cash, 50% are credit sales and collected in the month following sale, and the remaining 15% are written off as uncollectible. Prepare a schedule of cash receipts from sales for September.
THE GUITAR SHOPPE
Schedule of Cash Receipts from Sales
September
Sales $230,000
Cash receipts from:
Cash sales $80,500
Collections of prior period sales
Total cash receipts $80,500

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