Exercise 9-43 Roybal Inc. selld all of its product on account. Roybal has the following accounts receivable payment expereince:
Percent paid in the month of sale 20
Percent paid in the month after the sale 55
Percent paid in the second month after the sale 23
To encourage payment in the month of sale, Roybal gives a 2% cash discount. Roybal’s anticipated sales for the next few months are as follows”
1. Prepare a schedule of cash receipts for July
2. Prepare a schedule of cash receipts for August
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