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?MyLabplus-AC @Do Homework- Haley × Assignments × https://www.mathxl.com/Student/PlayerHomework.aspx?home | Gibson ACC 102-003 Summer 2018 Homework: C22 - LO 4 Exercises Save Score: 0 of 1 pt 1 of 5 (1 complete) > HW Score: 0%, 0 of 5. XE22-26 (similar to Question Help Graham Company projects the following sales for the first three months of the year: $11,200 in January: $14,600 in February; and $11,100 in March. The company expects 80% 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 dollar. 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 cells blank, do not enter "0".) Cash Receipts from Customers January February March Total $ 11,200 14,600 $ 11,100 $ 36,900 January February March Total Total sales Cash Receipts from Customers: Accounts Receivable balance, January 1 sales S 8.960 Enter any number in the edit fields and then click Check Answer. part remaining Clear All Final Check 17Explanation / Answer
January
Feb
March
Total
Total Sales
11200
14600
11100
36900
Cash Receipt from Customer:-
A/c Receivable balance January 1
0
----
----
January Cash Sales
8960
----
----
January Credit sales, Collection of January sales in January (50%)
1120
----
----
January Credit sales, Collection of January sales in Feburary (50%)
----
1120
----
Feburary Cash Sales
----
11680
----
Feburary Credit sales, Collection of Feburary sales in Feburary(50%)
----
1460
----
Feburary Credit sales, Collection of Feburary sales in March(50%)
----
----
1460
March Cash Sales
----
----
8880
March Credit sales, Collection of March sales in March(50%)
----
----
1110
Total Cash Receipt from Customer
10080
14260
11450
35790
A/c Receivable balance March 31
March – Credit Sales, Collection of March sales in April
1110
(2)
January
Feb
March
Total
Total Sales
11200
14600
11100
36900
Cash Receipt from Customer:-
A/c Receivable balance January 1
0
----
----
January Cash Sales
8960
----
----
January Credit sales, Collection of January sales in January (60%)
1344
----
----
January Credit sales, Collection of January sales in Feburary (25%)
----
560
----
January Credit sales, Collection of January sales in March (15%)
336
Feburary Cash Sales
----
11680
----
Feburary Credit sales, Collection of Feburary sales in Feburary (60%)
----
1752
----
Feburary Credit sales, Collection of Feburary sales in March (25%)
----
----
730
March Cash Sales
----
----
8880
March Credit sales, Collection of March sales in March (60%)
----
----
1332
Total Cash Receipt from Customer
10304
13992
11278
35574
A/c Receivable balance March 31
Feburary – Credit Sales, Collection of Feb sales in April
438
March – Credit Sales, Collection of March sales in April
555
March – Credit Sales, Collection of March sales in May
333
1326
January
Feb
March
Total
Total Sales
11200
14600
11100
36900
Cash Receipt from Customer:-
A/c Receivable balance January 1
0
----
----
January Cash Sales
8960
----
----
January Credit sales, Collection of January sales in January (50%)
1120
----
----
January Credit sales, Collection of January sales in Feburary (50%)
----
1120
----
Feburary Cash Sales
----
11680
----
Feburary Credit sales, Collection of Feburary sales in Feburary(50%)
----
1460
----
Feburary Credit sales, Collection of Feburary sales in March(50%)
----
----
1460
March Cash Sales
----
----
8880
March Credit sales, Collection of March sales in March(50%)
----
----
1110
Total Cash Receipt from Customer
10080
14260
11450
35790
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