Schedule of Cash Collections of Accounts Receivable

Bark & Purr 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 $$220,000$

June $300,000$

July $390,000$

All sales are on account. $59$ percent of sales are expected to be collected in the month of the sale, $29\%$ 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.

Bark & Purr Supplies Inc.

Schedule of Collections from Sales

For the Three Months Ending July $31$

May June July

May sales on account:

Collected in May $fill in the blank $1$

Collected in June $fill in the blank $2$

Collected in July $fill in the blank $3$

June sales on account:

Collected in June fill in the blank $4$

Collected in July fill in the blank $5$

July sales on account:

Collected in July fill in the blank $6$

Total cash collected $fill in the blank $7$

$fill in the blank $8$

$fill in the blank $9$