Total cash collected in July, $155.025 May EX 6-18 Schedule of cash collections of accounts receivable OBJ. PetCare Supplies Inc., a pet wholesale supplier, was organized on May 1, 2014. Projectes sales for each of the first three months of operations are as follows: $126,000 June 145,000 July 162,000 The company expects to sell 10% of its merchandise for cash. Of sales on account 60% are expected to be collected in the month of the sale, 35% in the month followine! 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. A B C N G H PETCARE SUPPLIES INC. Schedule of Collections from Sales For the Three Months Ending July 31, 2014 May $ 126,000 mm - June 145,000 July 162,000 Projected total monthly sales $ $ Percent of Total Receipts from cash sales: Cash sales Credit Percent of May sales on account Collected in May Collected in June Collected in July June sales on account 8