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Schedule of Cash Collections of Accounts Receivable

Fur Family 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$540,000June760,000July1,380,000

All sales are on account. Of sales on account, 58% are expected to be collected in the month of the sale, 31% in the first month following the sale, and the remainder in the second month following the sale.

This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below.

Open spreadsheet

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

FUR FAMILY INC.Schedule of Collections from SalesFor the Three Months Ending July 31 MayJuneJulyMay sales on account: Collected in May $ fill in the blank 2 Collected in June fill in the blank 3 Collected in July fill in the blank 4June sales on account: Collected in June fill in the blank 5 Collected in July fill in the blank 6July sales on account: Collected in July fill in the blank 7Total cash collected $ fill in the blank 8 $ fill in the blank 9 $ fill in the blank 10