Business, 10.02.2020 22:24 mahmudabiazp3ekot

Trapp Co. was organized on August 1 of the current year. Projected sales for the next three months are as follows:
August $100,000
September 185,000
October 225,000
The company expects to sell 40% of its merchandise for cash. Of the sales on account, one third are expected to be collected in the month of the sale and the remainder in the following month.
Required:
1. Prepare a schedule indicating cash collections of accounts receivable for August, September, and October.

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