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Make schedule of cash collections on accounts receivable

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Reference no: EM132593467

Melway has the following budgeted sales for the third quarter:

Budgeted Sales

July $300,000

August 375,000

September 450,000

The company normally collects 30 percent in the month of sale and 65 percent in the month following the sale. Five percent of all sales are uncollectible and are written off in the following month. The balance in accounts receivable at July 1 was $245,000, which represents 70 percent of June sales.

Required:

Question 1: Prepare a schedule of cash collections on accounts receivable for the third quarter.

Reference no: EM132593467

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