Wichita industries' sales are 20% cash and 80% on credit. credit sales are collected as follows: 40% in the month of sale, 50% in the next month, and 10% in the second following month. on december 31, the accounts receivable balance includes $13,000 from november sales and $42,000 from december sales. assume that total sales for january are budgeted to be $51,000. what are the expected cash receipts for january from the current and past sales? a. 26,520b. 60,520c. 62,820d. 64,320e. 74,520

Exercise 7-7 martinez company reports the following financial information before adjustments. dr. cr. accounts receivable $168,900 allowance for doubtful accounts $3,200 sales revenue (all on credit) 849,300 sales returns and allowances 50,440 prepare the journal entry to record bad debt expense assuming martinez company estimates bad debts at (a) 4% of accounts receivable and (b) 4% of accounts receivable but allowance for doubtful accounts had a $1,550 debit balance. (if no entry is required, select "no entry" for the account titles and enter 0 for the amounts. credit account titles are automatically indented when the amount is entered. do not indent manually.)