Schedule of Cash Collections of Accounts Receivable

Schedule of Cash Collections of Accounts Receivable Furry Friends 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: $240,000 270,000 50,000 May June July All sales are on account. 58 percent of sales are expected to be collected in the month of the sale, 31% 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