A3 Portia Incorporated is a retailer of scrapbooking products. The actual and forecast sales for the months of April through August are:April (actual)May (actual)JuneJulyAugustRevenues$ 251,300277,600302,600352,600352,600All sales are credit sales. The collection pattern is 60% in the month of sale, 35% the following month and the remainder in the secondmonth following the sale. Accounts receivable on April 1 were $125,100.Required:a. Prepare a cash receipts schedule for the period June through August (by month).Portia IncorporatedBudgeted Cash ReceiptsFor the Three Months Ending August 31Budgeted sales revenueCredit sales collected month of sale (60%)Credit sales collected month following sale (35%)Credit sales collected second month following sale (5%)Budgeted cash receiptsJuneJulyAugust

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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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