A company reported an opening cash balance for June 2021£22,532.00Sales of June is expected to be £100,000.00Cash receipt from the credit sales of last month£10,000.00May's A/C Payable £35,000.00June's Expected A/C payable £30,000.00Sales Term: Cash30% 30 days65% Uncollectible5%Payment term: Cash10% 30 Days90% What will be the closing balance for June 2021?

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Answered: A company reported an opening cash…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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A company reported an opening cash balance for June 2021	£22,532.00
Sales of June is expected to be		£100,000.00
Cash receipt from the credit sales of last month	£10,000.00
May's A/C Payable		£35,000.00
June's Expected A/C payable		£30,000.00
Sales Term:		Cash	30%
		30 days	65%
		Uncollectible	5%
Payment term:		Cash	10%
		30 Days	90%

What will be the closing balance for June 2021?

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