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Question - Northern Company has the following budgeted sales information for 2021:
April: $450,000
May: $550,000
June: $600,000
July: $620,000
August: $700,000
60% percent of the sales are cash sales, and the remainder are credit sales. Credit sales are collected 50% in the month of sale, 30% in the month following the sale, and 20% in the second month following the sale.
Directions - Prepare Cash Receipts Schedule for June, July, and August.
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