Question
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
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 | $240,000 |
| June | 320,000 |
| July | 430,000 |
All sales are on account. 53 percent of sales are expected to be collected in the month of the sale, 36% 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 | |||
| Collected in June | |||
| Collected in July | |||
| June sales on account: | |||
| Collected in June | |||
| Collected in July | |||
| July sales on account: | |||
| Collected in July | |||
| Total cash collected | $ | $ | $ |
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Auditing Beyond Compliance Using The Portable Universal Quality Lean Audit Model
Authors: Janet Bautista Smith
1st Edition
0873898400, 9780873898409
