Geaham Company projects the following sales for the first three months of the year: $12.600 in January $16,100 in February, and $11,100 in March The company expects 60% of the sales to be cash and the remainder on account. Sales on account are collected 50% in the month of the sale and 50% in the following month. The Accounts Receivable account has a zero balance on January 1. Round to the nearest dolar Read the requirements Requirement 1. Prepare a schedule of cash receipts for Graham for January, February, and March. What is the balance in Accounts Receivable on March 31? (Leave unused and zero balance account cels blank, do not enter "0) Cash Receipts from Customers January February March Total Total sales February January March Total Cash Receipts from Customers Accounts Receivable balance, January 1 January-Cash sales January-Credit sales, collection of January sales in January January-Credt sales, collection of January sales in February February-Cesh sales February-Credt sales, cofection of February sales in February February-Credt sales, colecton of February sales in March March-Cash sales March-Credt sales, collection of March sales in March Total cash receipts from ostomers Accounts Recelvable balance, March 31 March-Creat saes coecton of March sales in Apri Enter any number in the edt felds
Geaham Company projects the following sales for the first three months of the year: $12.600 in January $16,100 in February, and $11,100 in March The company expects 60% of the sales to be cash and the remainder on account. Sales on account are collected 50% in the month of the sale and 50% in the following month. The Accounts Receivable account has a zero balance on January 1. Round to the nearest dolar Read the requirements Requirement 1. Prepare a schedule of cash receipts for Graham for January, February, and March. What is the balance in Accounts Receivable on March 31? (Leave unused and zero balance account cels blank, do not enter "0) Cash Receipts from Customers January February March Total Total sales February January March Total Cash Receipts from Customers Accounts Receivable balance, January 1 January-Cash sales January-Credit sales, collection of January sales in January January-Credt sales, collection of January sales in February February-Cesh sales February-Credt sales, cofection of February sales in February February-Credt sales, colecton of February sales in March March-Cash sales March-Credt sales, collection of March sales in March Total cash receipts from ostomers Accounts Recelvable balance, March 31 March-Creat saes coecton of March sales in Apri Enter any number in the edt felds
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
