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Prepare schedule indicating cash collections from sales

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Reference no: EM132529097

Furry Friends 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            $240,000

June              270,000

July                 350,000

All sales are on account. 58 percent of sales are expected to be collected in the month of the sale, 31% in the month following the sale, and the remainder in the second month following the sale.

Question 1: Prepare schedule indicating cash collections from sales for May, June, and July.

Reference no: EM132529097

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