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Schedule of cash collections of accounts receivable Pampered Pal Inc., a pet supplies distributor, was organized on January 1 . Projected sales for each of

Schedule of cash collections of accounts receivable
Pampered Pal Inc., a pet supplies distributor, was organized on January 1. Projected sales for each of the first three months of operations are as follows:
Month Amount
January $290,000
February 410,000
March 610,000
All sales are on account. Collections are expected as follows: 51% of sales are expected to be collected in the month of the sale, 45% 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 January, February, and March.
Pampered Pal Inc.
Schedule of Cash Collections from Sales
For the Three Months Ending March 31
Line Item Description January February March
January sales on account:
Collected in January $Collected in January
147,900
Collected in February $Collected in February
130,500
Collected in March $Collected in March
February sales on account:
Collected in February Collected in February
209,100
Collected in March Collected in March
184,500
March sales on account:
Collected in March Collected in March
311,100
Total cash collected $Total cash collected
147,900
$Total cash collected
339,600
$Total cash collected

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