What will be the balance in account receivable ? A firm has forecasted sales of $4,000in July, $5,200 in August, and $7,800in September. All sales are on credit.40% is collected in the month of sale,and the remainder is collected thefollowing month. What will be thebalance in accounts receivable at thebeginning of October?

Explanation of Credit Sales:Credit sales refer to sales made to customers who do not pay immediately…

Answered: A firm has forecasted sales of $4,000…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 9PA: Fitbands estimated sales are: What are the balances in accounts receivable for January, February,...

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A firm has forecasted sales of $4,000 in July, $5,200 in August, and $7,800 in September. All sales are on credit. 40% is collected in the month of sale, and the remainder is collected the following month. What will be the balance in accounts receivable at the beginning of October?