Accounts receivable at the end of specific month, Accounting Basics

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Accounts receivable at the end of specific month

The Pitney Company's sales are 40% cash and 60% credit. 50% of credit sales are collected in the month of sale, 30% in the month following the sale, and 20% is collected two months after. Budgeted sales data is as follows:

June $120,000
July $80,000
August $100,000

Accounts receivable at the end of August are:

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Accounting Basics: Accounts receivable at the end of specific month

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Request for Solution File

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Accounting Basics: Accounts receivable at the end of specific month

Reference No:- TGS067365

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Fica tax rate on income

Q : Differences in basis limitation rules for partnerships

Q : Rules on permissible tax years

Q : Determine cumulative effect of applying change in accounting

Q : Accounts receivable at the end of specific month

Q : End of year entries for heiden company

Q : Treatment of taxation in consolidated accounts

Q : Gasb rules for the financial reporting entity

Q : Accelerated method of calculating depreciation

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Accounts receivable at the end of specific month

Reference No:- TGS067365

Recent Questions Asked Accounting Basics

Q : Fica tax rate on income

Q : Differences in basis limitation rules for partnerships

Q : Rules on permissible tax years

Q : Determine cumulative effect of applying change in accounting

Q : Accounts receivable at the end of specific month

Q : End of year entries for heiden company

Q : Treatment of taxation in consolidated accounts

Q : Gasb rules for the financial reporting entity

Q : Accelerated method of calculating depreciation

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