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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 the
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 | $170,000 |
February | 220,000 |
March | 300,000 |
All sales are on account. Collections are expected as follows: 52% of sales are expected to be collected in the month of the sale, 43% 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
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