Yeopay Plumbing Supply accepts bank credit cards and offers established plumbers charge accounts with terms of 1/eom, n/45.Yeopay's experience is that 25% of its sales are for cash and bank credit cards. The remaining 75% are on credit. Of the cash sales,40% pay cash and the remaining 60% pay with bank credit cards. Yeopay receives payments from the bank on credit card sales at theend of the day. However, Yeopay has to pay 3% for these services. An aging schedule for accounts receivable shows the followingpattern on credit sales:20% pay in the month of sale.50% pay in the first month following the month of sale.15% pay in the second month following the month of sale.12% pay in the third month following the month of sale.3% are never collected.All accounts not paid by the end of the second month following the month of sale are considered overdue and are subject to a 5%monthly late charge. Yeopay has prepared the following sales forecasts:JuneJulyAugust$ 78,000116,000126,000150,000SeptemberOctober106,000Required:1a. Prepare a schedule of cash receipts for September. Cash receipts for September should total $126,771.1b. Prepare a schedule of cash receipts for October. Cash receipts for October should total $123,151.Complete this question by entering your answers in the tabs below.Req 1AReq 18Prepare a schedule of cash receipts for September. Cash receipts for September should total $126,771. (All percentage answers should beentered as whole numbers. If "Collection %" is 100 percent for a particular period, leave the corresponding cell blank.)Budgeting Cash ReceiptsCash Receipts for SeptemberTotalSalesSales %Payment %Collection %CashReceiptsCollection of accounts receivable:%0%0%0%DTotal cash receipts$0Reg 1AReq 1B >Req 1AReq 1BPrepare a schedule of cash receipts for October. Cash recipts for October should total $123,151. (All percentage ansas whole numbers. If "Collection %" is 100 percent for a particular period, leave the corresponding cell blank.)Budgeting Cash ReceiptsTotalCash Receipts for OctoberSales %Payment %Collection%CashReceiptsSales$%Collection of accounts receivable:Total cash receipts%%%%< Req 1A%%%%%%%%%%%%%%%Req 180%$0000000

The question is based on the concept of Cost Accounting.

Yeopay Plumbing Supply accepts bank credit cards and offers established plumbers charge accounts with terms of 1/eom, n/45. Yeopay's experience is that 25% of its sales are for cash and bank credit cards. The remaining 75% are on credit. Of the cash sales, 40% pay cash and the remaining 60% pay with bank credit cards. Yeopay receives payments from the bank on credit card sales at th end of the day. However, Yeopay has to pay 3% for these services. An aging schedule for accounts receivable shows the following pattern on credit sales: 20% pay in the month of sale. 50% pay in the first month following the month of sale. 15% pay in the second month following the month of sale. 12% pay in the third month following the month of sale. 3% are never collected. All accounts not paid by the end of the second month following the month of sale are considered overdue and are subject to a 5% monthly late charge. Yeopay has prepared the following sales forecasted

Yeopay Plumbing Supply accepts bank credit cards and offers established plumbers charge accounts with terms of 1/eom, n/45. Yeopay's experience is that 25% of its sales are for cash and bank credit cards. The remaining 75% are on credit. Of the cash sales, 40% pay cash and the remaining 60% pay with bank credit cards. Yeopay receives payments from the bank on credit card sales at th end of the day. However, Yeopay has to pay 3% for these services. An aging schedule for accounts receivable shows the following pattern on credit sales: 20% pay in the month of sale. 50% pay in the first month following the month of sale. 15% pay in the second month following the month of sale. 12% pay in the third month following the month of sale. 3% are never collected. All accounts not paid by the end of the second month following the month of sale are considered overdue and are subject to a 5% monthly late charge. Yeopay has prepared the following sales forecasted

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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