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Prepare a schedule indicating cash collections from sales

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Reference no: EM132707117

Problem - Schedule of cash collections of accounts receivable

Pet Stop 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 $1,200,00

June 1,800,000

July 2,200,000

All sales are on account. Of sales on account, 60% are expected to be collected in the month of the sale, 30% in the first month following the sale, and the remainder in the second month following the sale.

Required - Prepare a schedule indicating cash collections from sales for May, June, and July.

Reference no: EM132707117

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