OBJ.S 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 June July $134,000 155,000 169,000 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 L M N O 7 5 5 7 PET PLACE SUPPLIES INC. Schedule of Collections from Sales For the Three Months Ending July 31, 2016 B. May Projected total monthly sales June July $134,000 $155,000 $169,000 1 Credit Sales Percent of Credit Sales 3 . 5 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 NII ID DILI Total cash collected