1. Schedule of Cash Collections of Accounts Receivable

   Pet Place 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	$330,000
   June	390,000
   July	520,000

   All sales are on account. Of sales on account, 51% 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 May, June, and July.

   Pet Place Supplies Inc.
   Schedule of Cash Collections from Sales
   For the Three Months Ending July 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	$	$