Prepare a schedule indicating total cash collections for August, September, and October.
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Door & Window Co. was organized on August 1 of the current year. Projected sales for the next three months are as follows:
August | $120,000 |
September | 200,000 |
October | 230,000 |
The company expects to sell 40% of its merchandise for cash. Of the sales on account, 25% are expected to be collected in the month of the sale and the remainder in the following month.
Prepare a schedule indicating total cash collections for August, September, and October.
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