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Accounting
The Guitar Shoppe reports the following sales forecast: August, $130,000; and September, $260,000. Total sales include 40% cash sales, 55% of credit sales collected in the month following sale, and the remaining 5% credit sales written off as uncollectible. Prepare a schedule of cash receipts for September.

The Guitar Shoppe reports the following sales forecast: August, $130,000; and September, $260,000. Total sales include 40% cash sales, 55% of credit sales collected in the month following sale, and the remaining 5% credit sales written off as uncollectible. Prepare a schedule of cash receipts for September.

FINANCIAL ACCOUNTING
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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The Guitar Shoppe reports the following sales forecast: August, $130,000; and September, $260,000. Total sales include 40% cash sales, 55% of credit sales collected in the month following sale, and the remaining 5% credit sales written off as uncollectible. Prepare a schedule of cash receipts for September.
Transcribed Image Text:The Guitar Shoppe reports the following sales forecast: August, $130,000; and September, $260,000. Total sales include 40% cash sales, 55% of credit sales collected in the month following sale, and the remaining 5% credit sales written off as uncollectible. Prepare a schedule of cash receipts for September.
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