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	$350,000
June	410,000
July	600,000

All sales are on account. Of sales on account, 60% are expected to be collected in the month of the sale, 35% 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	$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