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Schedule of Cash Collections of Accounts Receivable Pet Place Supplies Inc., a pet wholesale supplier, was organized on May 1. Projected sales for each of the first three months of operations are as follows May June July All sales are on account. Of sales on account, 54% are expected to be collected in the month of the sale, 41% in the month following the sale, and the remainder in the second month following the sale. Prepare a schedule indicating cash collections from sales for May, June, and July $390,000 440,000 590,000 Pet Place Supplies Inc. Schedule of Cash Collections from Sales For the Three Months Ending July 31 Ma June July May sales on account: Collected in May Collected in June Collected in July June sales on account: Collected in June Collected in July July sales on account: Collected in July Total cash collected

Explanation / Answer

Schedule of cash collection from sales :

May June July May sales on account Collected in may 210600 Collected in june 159900 Collected in july 19500 July Sales on account Collected in june 237600 Collected in july 180400 July Sales on account Collected in july 318600 Total cash collected 210600 397500 518500

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