The Guitar Shoppe reports the following budgeted sales: August, $120,000; and September. $240,000 For its totaj safes, 40% areimmediately collected in cash, 45% are credit sales and collected in the month following sale, and the remaining 15% are wtitten off asuncollectible. Prepare a schedule of cash receipts from sales for September.THE GUITAR SHOPPESchedule of Cash Receipts from SalesSeptember240,000SalesCash receipts from:Cash salesCollections of prior period salesTotal cash receipts

The calculation of total cash receipts for the month of September is shown hereunder :

The Guitar Shoppe reports the following budgeted sales: August, $120,000; and September $240,000 For its total safes, 40% are immediately collected in cash, 45% are credit sales and collected in the month following sale, and the remaining 15% are written off as uncollectible. Prepare a schedule of cash receipts from sales for September. THE GUITAR SHOPPE Schedule of Cash Receipts from Sales September 240,000 Sales Cash receipts from: Cash sales Collections of prior period sales Total cash receipts

The Guitar Shoppe reports the following budgeted sales: August, $120,000; and September $240,000 For its total safes, 40% are immediately collected in cash, 45% are credit sales and collected in the month following sale, and the remaining 15% are written off as uncollectible. Prepare a schedule of cash receipts from sales for September. THE GUITAR SHOPPE Schedule of Cash Receipts from Sales September 240,000 Sales Cash receipts from: Cash sales Collections of prior period sales Total cash receipts

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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