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	$280,000
June	320,000
July	450,000

All sales are on account. 60 percent of sales are expected to be collected in the month of the sale, 28% 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