Can anyone help me with this please? thanks Door & Window Co. was organized on A

Question

Can anyone help me with this please? thanks

Door & Window Co. was organized on August 1 of the current year. Projected sales for the next three months are as follows: $120,000 August September 200,000 October 230,000 The company expects to sell 40% of its merchandise for cash. Of the sales on account, 25% are expected to be collected in the month of the sale and the remainder in the following month. Hide Prepare a schedule indicating total cash collections for August, September, and october. Door & Window Co. Schedule of Collections of Accounts Receivable For Three Months Ending October 31, 20- August September October Total sales $120,000 $200,000 $230,000 Cash sales Credit sales Collections of accounts receivable August credit sales September credit sales October credit sales Cash sales Total cash collected

Explanation / Answer

August September October Total sales 120000 200000 230000 Cash sales 48000 80000 92000 Credit sales 72000 120000 138000 Collection of acc receivables August credit sales 18000 54000 September Credit sales 30000 90000 October credit sales 34500 Cash sales 48000 80000 92000 Total cash collected 66000 164000 216500

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