FINAN&MANAGERIAL ACCT (LL)W/1TERM ACCESS
FINAN&MANAGERIAL ACCT (LL)W/1TERM ACCESS
9th Edition
ISBN: 9781266178566
Author: Wild
Publisher: MCG
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Chapter 20, Problem 20QS

Cash receipts, with uncollectible accounts P2

The Guitar shoppe reports the following sales following sales forecast: August, $150,000: September, $170,000. Cash sales are normally 40% of total sales, 55% credit sales are collected in the month following sale, and the remaining 5% of credit sales are written off as uncollectible. Prepare a schedule of cash receipts for September.

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For each of the transactions above, indicate the amount of the adjusting entry on the elements of the balance sheet and income statement.Note: Enter negative amounts with a minus sign.

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FINAN&MANAGERIAL ACCT (LL)W/1TERM ACCESS

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