1. 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	$180,000
   February	260,000
   March	340,000

   All sales are on account. 53% of sales are expected to be collected in the month of the sale, 42% 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	$fill in the blank 7	$fill in the blank 8	$fill in the blank 9