memphis company anticipates total sales for april, may, and june of $900,000, $1,000,000, and $1,050,000 respectively. cash sales are normally 20% of total sales. of the credit sales, 35% are collected in the same month as the sale, 60% are collected during the first month after the sale, and the remaining 5% are not collected. compute the amount of cash received from credit sales during the month of may. multiple choice $676,000. $774,000. $912,000. $712,000. $984,000.

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04-11-2022
Business

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memphis company anticipates total sales for april, may, and june of $900,000, $1,000,000, and $1,050,000 respectively. cash sales are normally 20% of total sales. of the credit sales, 35% are collected in the same month as the sale, 60% are collected during the first month after the sale, and the remaining 5% are not collected. compute the amount of cash received from credit sales during the month of may. multiple choice $676,000. $774,000. $912,000. $712,000. $984,000.

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KanakKhatana KanakKhatana · Answer 1 · 2022-11-09T06:03:23-05:00

The amount of cash received from credit sales during the month of may $676,000. In general credit sales is equals to total sale multiply by credit sales ratio.

What is credit sales?

Credit sales = Closing debtors + Receipts - Opening debtors.

Credit sales are transactions in which the debt will be paid in full at a later time. In other words, credit sales are transactions in which customers make purchases but do not pay in full, in cash, at the time of the transaction.

A manual for bookkeeping. Recognition of Revenue. Sales are recorded as a credit since the journal entry's opposite, which is typically a debit to either the cash or accounts receivable account, is a credit. In essence, the credit raises shareholders' equity while the debit increases one of the asset accounts.

To know more about credit sales, refer:

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