Sunshine Company forecasted sales of $8,000 in July, $7,000 in August, and $9,000 in September. All sales are on credit. 30% is collected in the month of sale, and the remainder is collected the following month. How much is collected from accounts receivable in August?

Sunshine Company forecasted sales of $8,000 in July, $7,000 in August, and $9,000 in September. All sales are on credit. 30% is collected in the month of sale, and the remainder is collected the following month. How much is collected from accounts receivable in August?

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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Question

100%

Please provide the correct answer to this general accounting problem using accurate calculations.

Sunshine Company forecasted sales of $8,000 in July, $7,000 in
August, and $9,000 in September. All sales are on credit. 30% is
collected in the month of sale, and the remainder is collected the
following month. How much is collected from accounts receivable in
August?

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