Schedule of Cash Collections of Accounts Receivable

Furry Friends 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 $$190,000$

June $230,000$

July $340,000$

All sales are on account. $55$ percent of sales are expected to be collected in the month of the sale, $33\%$ 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.

Furry Friends Supplies Inc.

Schedule of Collections from Sales

For the Three Months Ending May $31$

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 $9$

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