From the following data for Acoustic Sales, calculate the receipts from accounts receivable for September, October and November of 2016.
|
|
Actual |
|
Estimated |
|
|
|
July |
|
August |
|
September |
|
October |
|
November |
|
| Credit sales |
|
$112,000 |
|
$94,000 |
|
$99,000 |
|
$111,000 |
|
$94,000 |
|
Credit sales are normally settled according to the following pattern: 20 per cent in the month of the sale, 50 per cent in the month following the sale, and the remainder in the second month following the sale.
|
|
September |
|
October |
|
November |
|
Receipts from accounts receivable
|
|
$ |
|
$ |
|
$ |