Solved: Customer amounts on account are collected 40 in the month, Accounting Basics

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Customer amounts on account are collected 40 in the month

Question - Jent Company reported the following information for 2013:

October November December

Budgeted sales $320,000 $340,000 $360,000

Budgeted purchases $120,000 $128,000 $144,000

All sales are on credit.

Customer amounts on account are collected 40% in the month of sale and 60% in the following month.

Instructions - Compute the amount of cash Jent will receive during November.

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