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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 12 Jul 2017 My Price 7.00

Cash Collections on Accounts Receivable

Cornerstone Exercise 9-30            Preparing a Schedule of Cash Collections on Accounts Receivable

Kailua and Company is a legal services firm. All sales of legal services are billed to the client (there are no cash sales). Kailua expects that, on average, 20% will be paid in the month of bill- ing, 50% will be paid in the month following billing, and 25% will be paid in the second month following billing. For the next five months, the following sales billings are expected:

 

May

$  84,000

June

100,800

July

77,000

August

86,800

September

91,000

 

 

 

 

 

 

 

Required:

Prepare a schedule showing the cash expected in payments on accounts receivable in August and in September.

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Maurice Tutor
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Status NEW Posted 12 Jul 2017 09:07 AM My Price 7.00

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