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

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Accounting

Schedule of Cash Collections of Accounts Receivable

Furry Friends Supplies Inc., a pet wholesale supplier, wasorganized on May 1. Projected sales for each of the first threemonths of operations are as follows:

May$310,000
June340,000
July510,000

All sales are on account. 50 percent of sales are expected to becollected in the month of the sale, 39% in the month following thesale, and the remainder in the second month following the sale.

Prepare a schedule indicating cash collections from sales forMay, June, and July.

Furry Friends Supplies Inc.
Schedule of Collections fromSales
For the Three Months Ending May31
MayJuneJuly
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$$$

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Furry Friends Supplies Inc Schedule of Collections from Sales For the Three Months Ending May 31 May June July May sales on account    See Answer
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