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X-Tel budgets sales of $65,000 for April, $115,000 for May, and $85,000 for June. Sales are 50% cash and 50% on credit. All credit sales are collected in the month following the sale. Total sales for March were $11,000. Prepare a schedule of cash receipts from sales for April, May, and June Sales Cash receipts from: Total cash receipts X-TEL Schedule of Cash Receipts from Sales April $ $ 65,000 $ 0 $ May 115,000 $ 0 $ June 85,000 0

X-Tel budgets sales of $65,000 for April, $115,000 for May, and $85,000 for June. Sales are 50% cash and 50% on credit. All credit sales are collected in the month following the sale. Total sales for March were $11,000. Prepare a schedule of cash receipts from sales for April, May, and June Sales Cash receipts from: Total cash receipts X-TEL Schedule of Cash Receipts from Sales April $ $ 65,000 $ 0 $ May 115,000 $ 0 $ June 85,000 0

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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X-Tel budgets sales of $65,000 for April, $115,000 for May, and $85,000 for June. Sales are 50% cash and 50% on credit. All credit sales are collected in the month following the sale. Total sales for March were $11,000. Prepare a schedule of cash receipts from sales for April, May, and June Sales Cash receipts from: Total cash receipts X-TEL Schedule of Cash Receipts from Sales April GA May 65,000 $ 115,000 $ 0 FA $ 0 $ June 85,000 0
Transcribed Image Text:X-Tel budgets sales of $65,000 for April, $115,000 for May, and $85,000 for June. Sales are 50% cash and 50% on credit. All credit sales are collected in the month following the sale. Total sales for March were $11,000. Prepare a schedule of cash receipts from sales for April, May, and June Sales Cash receipts from: Total cash receipts X-TEL Schedule of Cash Receipts from Sales April GA May 65,000 $ 115,000 $ 0 FA $ 0 $ June 85,000 0
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