aider on accout Sales on Maroel Company pojects the folow ng sales for the s st

Question

aider on accout Sales on Maroel Company pojects the folow ng sales for the s st three monts of the year $11,200 n Janary: $12.3 OinFemay, and $11,100 in March. The company expects 60% of the sales to be cash and acourte colected 50% inthe monthofte san and ION nthetaowing morth The Accants Rece·able acort has a zero balance on Jawy1 Roundtothe nearest dollar re Read the reavirements Requirement 1, prepare a sched of cash recepts for Ma e for January, February, and March whatis the balance i, Aocounts Receivable on March 31? (Leave unused and zero balance account coh blank, do not erter w.)

Explanation / Answer

1 a) Sale budget January February March Total Total sales 11200 12300 11100 34600 Cash sales 40% 4480 4920 4440 13840 Credit sales 60% 6720 7380 6660 20760 B) Cash collection January February March Total Cash sales 4480 4920 4440 13840 For January month 3360 3360 6720 For February month 3690 3690 7380 For March month 3330 3330 Total 7840 11970 11460 1268400 March credit sales collection of march sales In april 3330 2 a) Sale budget January February March Total Total sales 11200 12300 11100 34600 Cash sales 40% 4480 4920 4440 13840 Credit sales 60% 6720 7380 6660 20760 B) Cash collection January February March Total Cash sales 4480 4920 4440 13840 For January month 4032 2016 672 6720 For February month 4428 2214 6642 For March month 3996 3996 Total 8512 11364 11322 1268400 February credit sales collection of march sales In april 738 March credit sales collection of march sales In april 1998 March credit sales collection of march sales In May 666 Accounts receivable balance , march 31 3402

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