Required: 1. Calculate credit sales for May. Calculate credit sales for June. Calculate credit sales for July. Calculate credit sales for August. 2. Prepare a schedule of cash receipts for July and August. Round your answers to the nearest whole dollar, if necessary. If an amount box does not require an entry, leave it blank or enter "0". Be sure to enter percentages as whole numbers. 2. Prepare a schedule of cash receipts for July and August. Round your answers to the nearest whole dollar, if necessary. If an amount box does not require an entry, leave it blank or enter "0". Be sure to enter percentages as whole numbers. Cash sales Payments on account: From May credit sales: ) s[ From June credit sales: 100000 From July credit sales: From August credit sales: % Cash receipts Bennett Inc. Schedule of Cash Receipts For July and August Bennett Inc. Schedule of Cash Receipts For July and August July $ bb August

Required: 1. Calculate credit sales for May. Calculate credit sales for June. Calculate credit sales for July. Calculate credit sales for August. 2. Prepare a schedule of cash receipts for July and August. Round your answers to the nearest whole dollar, if necessary. If an amount box does not require an entry, leave it blank or enter "0". Be sure to enter percentages as whole numbers. 2. Prepare a schedule of cash receipts for July and August. Round your answers to the nearest whole dollar, if necessary. If an amount box does not require an entry, leave it blank or enter "0". Be sure to enter percentages as whole numbers. Cash sales Payments on account: From May credit sales: ) s[ From June credit sales: 100000 From July credit sales: From August credit sales: % Cash receipts Bennett Inc. Schedule of Cash Receipts For July and August Bennett Inc. Schedule of Cash Receipts For July and August July $ bb August

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter8: Budgeting

Section: Chapter Questions

Problem 18E

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

Please do not give solution in image format thanku

Schedule of Cash Collections on Accounts Receivable and Cash Budget
Bennett Inc. found that about 40% of its sales during the month were for cash. Bennett has the following accounts receivable payment experience:
Percent paid in the month of sale
Percent paid in the month after the sale
Percent paid in the second month after the sale
Bennett's anticipated sales for the next few months are as follows:
April
May
June
July
August
Required:
$250,000
290,000
280,000
295,000
300,000
25
68
5

Required:
1. Calculate credit sales for May.
Calculate credit sales for June.
Calculate credit sales for July.
Calculate credit sales for August.
2. Prepare a schedule of cash receipts for July and August. Round your answers to the nearest whole dollar, if necessary. If an amount box does not require an entry, leave it blank or enter "0".
Be sure to enter percentages as whole numbers.
2. Prepare a schedule of cash receipts for July and August. Round your answers to the nearest whole dollar, if necessary. If an amount box does not require an entry, leave it blank or enter "0".
Be sure to enter percentages as whole numbers.
Cash sales
Payments on account:
From May
credit sales:
) s[
From June credit sales:
100000
From July credit sales:
From August credit sales:
%
Cash receipts
Bennett Inc.
Schedule of Cash Receipts
For July and August
Bennett Inc.
Schedule of Cash Receipts
For July and August
July
$
0 0 0
bb
August

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Subject:- Accounting
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