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Budgeting

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Seamus Wong:
If a question says that "10% of accounts receivable pay in the month following the sale", does that mean that if a business made $10,000 in credit sales in one month - e.g. March -, they would receive the $1,000 (10%) in March? Or would they receive the $1,000 in April?

NomotivationF:

--- Quote from: Seamus Wong on October 30, 2019, 05:42:43 pm ---If a question says that "10% of accounts receivable pay in the month following the sale", does that mean that if a business made $10,000 in credit sales in one month - e.g. March -, they would receive the $1,000 (10%) in March? Or would they receive the $1,000 in April?

--- End quote ---

If they earn 10k in march they'd receive 1k in april

Seamus Wong:

--- Quote from: NomotivationF on October 30, 2019, 05:46:34 pm ---If they earn 10k in march they'd receive 1k in april

--- End quote ---

thanks man

accountboi:
Hey,

You should include GST for the receipt from accounts receivable. So it would be $1,100 for April because the accounts receivable balance is $11,000 (credit sale + GST).

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