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Watts Lighting Stores made the following sales projection for the next six months. All sales...

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Accounting

Watts Lighting Stores made the following sales projection for the next six months. All sales are credit sales.

March $40,000
April 46,000
May 35,000
June 44,000
July 52,000
August 54,000

Sales in January and February were $43,000 and $42,000, respectively.

Experience has shown that of total sales, 10 percent are uncollectible, 30 percent are collected in the month of sale, 40 percent are collected in the following month, and 20 percent are collected two months after sale.

a. Prepare a monthly cash receipts schedule for the firm for March through August. (for each month)

January February March April May June July August

Credit Sales = ___

In month of sale = ___

1 Month After sale = ___

Two months after sale = ___

Total cash receipts = ____

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