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Prepare a summary of cash disbursements for september

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Reference no: EM132581354

The following information pertains to Fiza Cosmetics:

Month                   Sales                     Purchases

July                  $15,000                 $5,000

August              17,000                    6,000

September        19,000                     7,000

October            21,000                    8,000

November          24,000                9,000

December          30,000              10,000

Cash is collected from customers in the following manner:

Month of sale 40%

Month following sale 50%

Two months following sale 10%

50% of purchases are paid for in cash in the month of purchase, and the 50% balance is paid the following month.

Required:

Question a. Prepare a summary of cash collections for September and October.

Question b. Prepare a summary of cash disbursements for September and October.

Reference no: EM132581354

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