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Prepare a schedule indicating cash collections of accounts

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Question - Morgana Engineering was organized on August 1 of the current year. Projected sales for the next three months are as follows:

August $100,000

September 185,000

October 225,000

The company expects to sell 40% of its merchandise for cash. Of the sales on account, one third are expected to be collected in the month of the sale and the remainder in the following month.

Prepare a schedule indicating cash collections of accounts receivable for August, September, and October.

Reference no: EM132109830

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