Hi expert please give me answer general accounting question May sales were $4800 while projected sales for June and July were$5200 and $5900, respectively. Sales are 25% cash and 75% credit.All credit sales are collected in the month following the sale. Whatare the expected collections for June?

Step 1: Definition of Expected CollectionsExpected collections for a month include cash sales from…

Answered: May sales were $4800 while projected…

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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Neon Inc.’s forecast sales for July is $72,000. It has $15,000 in accounts receivable at the end of June. 30% of its total sales are expected to be cash sales. Of the remaining 70%, 80% are expected to be collected in the month of the sale and the remaining 20% in the month following the sale. Determine the amount of accounts receivable at the end of July. Group of answer choices $79,200 $61,920 $10,080 $40,320
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May sales were $4800 while projected sales for June and July were $5200 and $5900, respectively. Sales are 25% cash and 75% credit. All credit sales are collected in the month following the sale. What are the expected collections for June?