The following data were taken from the records of Jenny Company: Accounts receivable, May 31: (3 x May sales of P500,000) = P150,000 Monthly forecasted sales: June July August September P400,000 440,000 os 500,000 530,000 Sales consist of 70% cash and 30% credit. All credit accounts are collected in the month following the sales. Uncollectible accounts are negligible and may be ignored. Instructions: Prepare a sales budget schedule and a cash collections budget schedule for June, July and August.

The following data were taken from the records of Jenny Company: Accounts receivable, May 31: (3 x May sales of P500,000) = P150,000 Monthly forecasted sales: June July August September P400,000 440,000 os 500,000 530,000 Sales consist of 70% cash and 30% credit. All credit accounts are collected in the month following the sales. Uncollectible accounts are negligible and may be ignored. Instructions: Prepare a sales budget schedule and a cash collections budget schedule for June, July and August.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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