Pet Stop Inc., a pet wholesale supplier, was organized on May 1. Projected sales for each of
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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 ........................ $1,200,000
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.
Prepare a schedule indicating cash collections from sales for May, June, and July?
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