9. 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:May$310,000June430,000July600,000All sales are on account. 54 percent of sales are expected to be collected in the month of the sale, 36% 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. **Furry Friends Supplies Inc.** **Schedule of Collections from Sales** **For the Three Months Ending May 31**The following schedule outlines the cash collections from sales made on account for the months of May, June, and July. This schedule helps in tracking when the sales made on account are actually collected in cash over the specified period.### May Sales on Account:- **Collected in May**: (Space for amount)- **Collected in June**: (Space for amount)- **Collected in July**: (Space for amount)### June Sales on Account:- **Collected in June**: (Space for amount)- **Collected in July**: (Space for amount)### July Sales on Account:- **Collected in July**: (Space for amount)### Total Cash Collected:- **May Total**: $______ - **June Total**: $______- **July Total**: $______This schedule provides a structured view of cash collections across the three-month period for more efficient financial planning and analysis.

The Schedule of Collections from Sales is made below:

Answered: Furry Friends Supplies Inc., a pet…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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9. 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:

May	$310,000
June	430,000
July	600,000

All sales are on account. 54 percent of sales are expected to be collected in the month of the sale, 36% 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.

**Furry Friends Supplies Inc.**
**Schedule of Collections from Sales**
**For the Three Months Ending May 31**

The following schedule outlines the cash collections from sales made on account for the months of May, June, and July. This schedule helps in tracking when the sales made on account are actually collected in cash over the specified period.

### May Sales on Account:
- **Collected in May**:
(Space for amount)
- **Collected in June**:
(Space for amount)
- **Collected in July**:
(Space for amount)

### June Sales on Account:
- **Collected in June**:
(Space for amount)
- **Collected in July**:
(Space for amount)

### July Sales on Account:
- **Collected in July**:
(Space for amount)

### Total Cash Collected:
- **May Total**:
$______
- **June Total**:
$______
- **July Total**:
$______

This schedule provides a structured view of cash collections across the three-month period for more efficient financial planning and analysis.

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