Gadgets Corporation’s 2019 forecasts reveal the following sales budget:
Based on past track record, Gadgets expects to collect 35% of all credit sales in the month of sale, 50% of all credit sales in the month following the sale, and 9% two months following the sale. Gadgets expect the remaining 6% to be uncollectible bad debts.
Required: Prepare a schedule showing cash collections (from both Cash and Credit sales) for March through May 2019 using the following format:
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