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  • Assignment 1 Prepare A Schedule of Cash Collections On Accounts Karunungan

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    Renzo Karunungan
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    The document provides billing and cash collection information for a legal services firm over 5 months. It states that 20% of billings are paid in the month billed, 50% the following month, and 25% the second month after. A schedule is presented showing the expected cash to be collected in August and September from billings in the prior 3 months. Total cash expected is ₱81,060 in August and ₱80,850 in September.

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    The document provides billing and cash collection information for a legal services firm over 5 months. It states that 20% of billings are paid in the month billed, 50% the following month, and 25% the second month after. A schedule is presented showing the expected cash to be collected in August and September from billings in the prior 3 months. Total cash expected is ₱81,060 in August and ₱80,850 in September.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    128 views3 pages

    Assignment 1 Prepare A Schedule of Cash Collections On Accounts Karunungan

    Uploaded by

    Renzo Karunungan
    The document provides billing and cash collection information for a legal services firm over 5 months. It states that 20% of billings are paid in the month billed, 50% the following month, and 25% the second month after. A schedule is presented showing the expected cash to be collected in August and September from billings in the prior 3 months. Total cash expected is ₱81,060 in August and ₱80,850 in September.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 3

    KARUNUNGAN, Renzo Miguel G.

    AIS-2A
    Assignment 1: Prepare a Schedule of Cash Collections on Accounts

    Kuala and Company is a legal service firm.


    All sales of legal services are billed to the client (there are no cash sales).
    Kuala expects that on average, 20% will be paid in the month of billing, 50% will be paid in the month following billing, and 25
    For the next 5 months, the following sales billings are expected:

    May ₱ 84,000
    June 100,800
    July 77,000
    August 86,800
    September 91,000

    Prepare a schedule showing the cash expected in payments of accounts receivable in August and September.

    Kuala and Company

    Sales August
    May ₱ 84,000
    June 100,800 ₱ 25,200
    July 77,000 38,500
    August 86,800 17,360
    September 91,000
    Total Cash Receipts from Sale ₱ 439,600 ₱ 81,060
    tions on Accounts

    in the month following billing, and 25% will be paid in the second month following billing.

    ugust and September.

    September

    ₱ 19,250
    43,400
    18,200
    ₱ 80,850

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