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Prepare a schedule indicating cash collections from sales

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Reference no: EM133071092

Question - Pet Place 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 $210,000

June 290,000

July 390,000

All sales are on account. Of sales on account, 58% are expected to be collected in the month of the sale, 38% 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 May, June, and July.

Reference no: EM133071092

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