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
$370,000
June
480,000
July
610,000
All sales are on account. 54 percent of sales are expected to be collected in the month of the sale, 36% 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
May
June
July
May sales on account:
Collected in May
$fill in the blank 1
Collected in June
$fill in the blank 2
Collected in July
$fill in the blank 3
June sales on account:
Collected in June
fill in the blank 4
Collected in July
fill in the blank 5
July sales on account:
Collected in July
fill in the blank 6
Total cash collected
$fill in the blank 7
$fill in the blank 8
$fill in the blank 9
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