Pet Place Supplies Inc., a pet wholesale supplier, was organized on May 1, 2016. Projected sales for each of the first three months of operations are as follows:

May	$134,000
June	155,000
July	169,000

All sales are on account. Sixty-five percent of sales are expected to be collected in the month of the sale, 30% in the 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. Enter all amounts as positive numbers.

Pet Place Supplies Inc.
Schedule of Collections from Sales
For the Three Months Ending July 31, 2016
	May	June	July
May sales on account:
Collected in May
Collected in June
Collected in July
June sales on account:
Collected in June
Collected in July
July sales on account:
Collected in July
Total cash collected	$	$	$

Answer rating: 100% (QA)

Cash Collection Particulars May June July Total May Sales Col... View the full answer