Schedule of Cash Collections of Accounts Receivable

Pet Supplies Inc., a pet wholesale supplier, was organized on January 1. Projected sales for each of the first three months of operations are as follows:

January	$250,000
February	360,000
March	530,000

All sales are on account. 56% of sales are expected to be collected in the month of the sale, 40% 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.

Pet Supplies Inc. Schedule of Cash Collections from Sales For the Three Months Ending March 31

	January	February	March
January sales on account:
Collected in January	$fill in the blank 1
Collected in February		$fill in the blank 2
Collected in March			$fill in the blank 3
February sales on account:
Collected in February		fill in the blank 4
Collected in March			fill in the blank 5
March sales on account:
Collected in March			fill in the blank 6
Total cash collected