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Albay Company is expecting to sell 10,000 cases in July, 20,000 cases in August, and 30,000 in September of 2021. Selling price per case is P30. All sales are on account. The sales are collected 20% in the month of sale, 50% in the month following sale and 30% in the second month following the sale. May and June sales totaled P 250,000 and P 200,000, respectively. Bad debts are negligible and can be ignored.
Required:
1. Prepare a sales budget.
2. Prepare a schedule of expected cash collections from sales, by month and in total, for the third quarter.
3. Determine the balance of the accounts receivable at September 30, 2021.
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