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Question: sales on account for the first two months of the...

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Sales on account for the first two months of the current year are budgeted as follows. January $290,000. February $ 347,000. All sales are made on terms of 2/10,n/30 (2 percent discount if paid in 10 days, full amount by 30 days); collects on accounts receivable are typically made as follows. Collections within the month of sale: Within discount period 60%. After discount period 15. After discount period 7. Returns, allowances, and uncollectable 3. Compute the estimated. cash collections on accounts receivable for the month of February.

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