Solved: Determine the collections from customers in october show, Accounting Basics

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Determine the collections from customers in october show

The management of Ocean Industries estimates that credit sales for August, September, October, and November will be $540,000, $750,000, $840,000, and $480,000, respectively. Experience has shown that collections are made as follows:

In month of sale 25%

In first month after sale 60%

In second month after sale 10%

Instructions

Determine the collections from customers in October. Show all computations to be submitted.

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Accounting Basics: Determine the collections from customers in october show

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