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OBJ.5 Total cash collected in July, $ 163,050 EX 22-18 Schedule of cash collections...

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OBJ.5 Total cash collected in July, $ 163,050 EX 22-18 Schedule of cash collections of accounts receivable 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 155,000 169,000 July HO 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. SHOW ME HOW B. D E F G An asterisk () Will appear to the right or an incorrect entry. H 1 J K L M N PET PLACE SUPPLIES INC. Schedule of Collections from Sales For the Three Months Ending July 31, 2016 May June $134,000 $155,000 Projected total monthly sales July $169,000 Credit Sales $134,000 Percent of Credit Sales 65% 30% 5% 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 6,700 65% 30% $169,000 65% Total cash collected 22-18

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