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Indicating cash collections from sales

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Pet Place Supplies Inc., a pet wholesale supplier, was organized on May 1, 2016. Projected sales for each of the first three months of operations are as follows:

May

$134,000

June

155,000

July

169,000

All sales are on account. Sixty-five percent of sales are expected to be collected in the month of the sale, 30% 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.

Reference no: EM13972659

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