DuPree Enterprises Reported the Following Cash Collections in July and August

question 35

Essay

DuPree Enterprises reported the following cash collections in July and August from credit sales:

The company sells a single product for $20, and all sales are collected over a two-month period.
Required:
A. Determine the number of units that were sold in July.
B. Determine the percent of credit sales collected in the month of sale and the percent of sales collected in the month following sale.
C. How many units were sold in August?
D. Determine the accounts receivable balance as of August 31.

---

Definitions:

Reimbursement Basis

A payment method where expenses are paid back after they have been incurred, often used in contracts and employment agreements.

Contracted Work

Work undertaken by a person or company based on a contractual agreement with another party, typically specifying the work to be done, timeline, and payment.

Request For Proposals

A document issued by an organization inviting suppliers to submit a proposal on a specific commodity or service.

RFP

Request for Proposal, a formal document issued by an organization inviting suppliers to submit proposals for the provision of goods, services, or works.