Chapter 21 Problems eBook Show Me How Calculator Pet Place 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: May $270,000 330,000 July 470,000 All sales are on account of sales on account, 60% are expected to be collected in the month of the sale, 35% in the month following the sale, and the remainder in the second month following the sale. June Prepare a schedule indicating cash collections from sales for May, June, and July Pet Place Supplies Inc. Schedule of Cash Collections from Sales For the Three Months Ending July 31 May June July May sales on account: Collected in May Collected in June Collected in July Dune sales on account: Collected in June Collected in July July sales on account: Collected in July Total cash collected 46 ENG 12:43 PM 6/30/2020