Sheffield Company prepares monthly cash budgets. Relevant data from operating budgets for 2025 are as follows. Prepare schedules for (1) expected collections from customers and (2) expected payments for direct materials purchases for January and February January February Sales $453.600 $504,000 Direct materials purchases 151.200 157,500 Direct labor 113,400 126,000 Manufacturing overhead 88,200 94,500 Selling and administrative expenses 99,540 107.100 November December SHEFFIELD COMPANY Schedule of Expected Collections from Customers All sales are on account. Collections are expected to be 50% in the month of sale, 30% in the first month following the sale, and 20% in the second month following the sale. Sixty percent (60%) of direct materials purchases are paid in cash in the month of purchase, and the balance due is paid in the month following the purchase. All other items above are paid in the month incurred except for selling and administrative expenses that include $1.260 of depreciation per month Other data: January February Total collections 1 Credit sales: November 2024, $315,000: December 2024, $403,200 2 3. Purchases of direct materials: December 2024, $126.000. Other receipts: January-Collection of December 31, 2024, notes receivable $18,900; February-Proceeds from sale of securities $7.560 4. Other disbursements: February-Payment of $7.560 cash dividend. December January February $ January SHEFFIELD COMPANY February Schedule of Expected Payments for Direct Materials January February

create a journal entry in the proper format

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How would I calculate this problem? I just guessed on which answer made sense to me. Please help. thank you in advance.

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How can you display or print a batch or group of reports quickly? A. Create a memorized group of reports. B. Click Batch Reports from the Home Page C. Click Reports > Process multiple reports D. You cannot do this in Quickbooks

show journal entry (for part b) assuming estimate is considered to be accurate. and show a journal entry (from part b) assuming the amount is large enough to intentionally impact decision of users.

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