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Prepare a schedule indicating cash collections from sales

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Reference no: EM132763947

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

January $300,000

February 500,000

March 750,000

All sales are on account. Seventy-five percent of sales are expected to be collected in the month of the sale, 20% in the month following the sale, and the remainder in the second month following the sale.

Required - Prepare a schedule indicating cash collections from sales for January, February, and March.

Reference no: EM132763947

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