J. Lo's Clothiers has forecast credit sales for the fourth quarter of the year: Fourth Quarter...

 

Transcribed Image Text:

J. Lo's Clothiers has forecast credit sales for the fourth quarter of the year: Fourth Quarter September (actual) $ 57,000 October November December $ 47,000 42,000 67,000 Experience has shown that 15 percent of sales are collected in the month of sale, 70 percent are collected in the following month, and 15 percent are never collected. Prepare a schedule of cash receipts for J. Lo's Clothiers covering the fourth quarter (October through December). Credit sales Collections: In month of sales One month after sales Total cash receipts J. Lo's Clothiers September October November December $ $ 0 $ 0 J. Lo's Clothiers has forecast credit sales for the fourth quarter of the year: Fourth Quarter September (actual) $ 57,000 October November December $ 47,000 42,000 67,000 Experience has shown that 15 percent of sales are collected in the month of sale, 70 percent are collected in the following month, and 15 percent are never collected. Prepare a schedule of cash receipts for J. Lo's Clothiers covering the fourth quarter (October through December). Credit sales Collections: In month of sales One month after sales Total cash receipts J. Lo's Clothiers September October November December $ $ 0 $ 0

Answer rating: 100% (QA)

J Los Clothiers has forecast credit sales for the fourth ... View the full answer