1.Actual Receipts (money in) from Accounts Receivable are 70% of the previous
months Credit Sales and the balance of 30% owing is received in the following
month. For example if we had Credit Sales of $100000 in January we would
expect to receive 70% of that $100000 in February and the balance (30%) in
Credit Sales for September 2020 were $80,000 as they were in August 2020.
Cash Sales were $16,500 in August 2020 and $18,000 in September of 2020.
2. Payment of Accounts Payable is paid 60% of purchases in the month of
purchase and the remaining 40% in the month following. Purchases in
September 2020 were $36,000.
3. The cash balance at 1 October 2020 was $52,890
Prepare a cash budget month by month for the quarter ending 31 December 2020.
Note that marks will be deducted for each incorrect posting to the cash budget.
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