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Question - The Accustart Antique Mall budgeted credit sales in the first quarter of 2021 to be as follows:
January $172,800
February $183,600
March $196,000
Credit sales in December 2020 are expected to be $216,000. The company expects to collect 65 percent of a month's sales in the month of sale and 35 percent in the following month.
Estimate cash receipts for each month of the first quarter of 2021.
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