SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. 1) Ellis Sport Shop projects the following sales: April $75,000 May 95,5000 June $110,000 Ninety percent of Ellis' sales are on credit with 60 percent of receivables collected in the month after the sale and the rest of receivables collected in the second month after the sale. February sales were $60,000 and March sales were $70,000. In the past Ellis' bad debt percentage has been 0 and this rate is expected to continue. A) Prepare a monthly schedule of cash receipts for April-June. B) What is the balance of Receivables at the end of June?

SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. 1) Ellis Sport Shoo proiects the following sales: Ninety percent of Ellis' sales are on credit with 60 percent of receivables collected in the month after the sale and the rest of receivables collected in the second month after the sale. February sales were $60,000 and March sales were $70,000. In the past Ellis' bad debt percentage has been 0 and this rate is expected to continue. A) Prepare a monthly schedule of cash receipts for April-June. B) What is the balance of Receivables at the end of June