[Solution]Schedule of Cash Collections on Accounts Receivable and Cash Budget

Exercise 9-42 Schedule of Cash Collections on Accounts Receivable and Cash Budget Bennett Inc. found that about 15% of its sales during the month were…

Exercise 9-42 Schedule of Cash Collections on Accounts Receivable and Cash Budget Bennett Inc. found that about 15% of its sales during the month were for cash. Bennett has the following accounts receivable payment experience:Percent paid in the month of sale25Percent paid in the month after the sale68Percent paid in the second month after the sale5Bennett’s anticipated sales for the next few months are as follows:April$250,000May290,000June280,000July295,000August300,000Required:1. Calculate credit sales for May, June, July, and August.2. Prepare a schedule of cash receipts for July and August.

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