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$300,000February410,000March590,000

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.

a schedule indicating cash collections from sales for January, February, and March.

Pet Supplies Inc.Schedule of Cash Collections from SalesFor the Three Months Ending March 31JanuaryFebruaryMarchJanuary sales on account:Collected in January$Collected in February$Collected in March$February sales on account:Collected in FebruaryCollected in MarchMarch sales on account:Collected in MarchTotal cash collected$$$