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Schedule of Cash Collections of Accounts Receivable Furry Friends Supplies Inc., a pet wholesale supplier,...

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Accounting

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Schedule of Cash Collections of Accounts Receivable 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 $390,000 560,000 740,000 May June July All sales are on account. 50 percent of sales are expected to be collected in the month of the sale, 40% 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. Furry Friends Supplies Inc. Schedule of Collections from Sales May June July May sales on account: Collected in May Collected in June Collected in July June sales on account: Collected in June 2 more Check My Work uses remaining Previous Next

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