Use the information provided below to prepare the Debtors Collection Schedule for January and February 2023: INFORMATION The following information was provided by Intel Enterprises: 1. The bank balance on 31 December 2022 is expected to be R40 000 (unfavourable). 2. Credit sales are expected to be as follows: December 2022 - R576 000 January 2023 - R540 000 February 2023 - R648 000 3. Credit sales usually make up 40% of the total sales. Cash sales make up the balance. Cash customers receive a 10% discount. 4. Credit sales are normally collected as follows: * 30% in the month in which the transaction takes place, and these customers are entitled to a 5% discount. * 65% in the following month The rest is usually written off as bad debts. 5. Budgeted purchases of inventory are as follows: December 2022 - R1 000 000 January 2023 - R800 000 February 2023 - R920 000
Use the information provided below to prepare the Debtors Collection Schedule for January and February 2023:
INFORMATION
The following information was provided by Intel Enterprises:
1. The bank balance on 31 December 2022 is expected to be R40 000 (unfavourable).
2. Credit sales are expected to be as follows:
December 2022 - R576 000 January 2023 - R540 000 February 2023 - R648 000
3. Credit sales usually make up 40% of the total sales. Cash sales make up the balance. Cash customers
receive a 10% discount.
4. Credit sales are normally collected as follows:
* 30% in the month in which the transaction takes place, and these customers are entitled to a 5% discount.
* 65% in the following month
The rest is usually written off as
5. Budgeted purchases of inventory are as follows:
December 2022 - R1 000 000 January 2023 - R800 000 February 2023 - R920 000
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