Schedule of Cash Collections of Accounts Receivable Bark & Purr Supplies Inc., a pet wholesale...
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Accounting
Schedule of Cash Collections of Accounts Receivable
Bark & Purr 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
$260,000
June
290,000
July
390,000
All sales are on account. 56 percent of sales are expected to be collected in the month of the sale, 33% in the month following the sale, and the remainder in the second month following the sale.
Prepare a schedule indicating cash collections from sales for May, June, and July.
Bark & Purr Supplies Inc.Schedule of Collections from SalesFor the Three Months Ending July 31 MayJuneJulyMay sales on account:Collected in May$fill in the blank 1Collected in June$fill in the blank 2Collected in July$fill in the blank 3June sales on account:Collected in Junefill in the blank 4Collected in Julyfill in the blank 5July sales on account:Collected in Julyfill in the blank 6Total cash collected$fill in the blank 7$fill in the blank 8$fill in the blank 9
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