ACC Ch9 - Exercise 9-43 Roybal Inc.

Exercise 9-43 Roybal Inc. selld all of its product on account. Roybal has the following accounts receivable payment expereince:

Percent paid in the month of sale   20
Percent paid in the month after the sale    55
Percent paid in the second month after the sale   23

To encourage payment in the month of sale, Roybal gives a 2% cash discount. Roybal's anticipated sales for the next few months are as follows"

April      $190,000
May        $248,000
June       $260,000
July       $240,000
August     $300,000

Required:
1. Prepare a schedule of cash receipts for July
2. Prepare a schedule of cash receipts for August