Schedule of Cash Collections of Accounts Receivable Bark & Purr 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 $184,000 June 192,000 July 201,000 All sales are on account. Sixty percent of sales are expected to be collected in the month of the sale, 35% 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. Bark & Purr Supplies Inc. Schedule of Collections from Sales For the Three Months Ending July 31   May June July May sales on account:       Collected in May $fill in the blank 1     Collected in June   $fill in the blank 2   Collected in July     $fill in the blank 3 June sales on account:       Collected in June   fill in the blank 4   Collected in July     fill in the blank 5 July sales on account:       Collected in July     fill in the blank 6 Total cash collected $fill in the blank 7 $fill in the blank 8 $fill in the blank 9

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Schedule of Cash Collections of Accounts Receivable

Bark & Purr 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 $184,000
June 192,000
July 201,000

All sales are on account. Sixty percent of sales are expected to be collected in the month of the sale, 35% 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.

Bark & Purr Supplies Inc.
Schedule of Collections from Sales
For the Three Months Ending July 31
  May June July
May sales on account:      
Collected in May $fill in the blank 1    
Collected in June   $fill in the blank 2  
Collected in July     $fill in the blank 3
June sales on account:      
Collected in June   fill in the blank 4  
Collected in July     fill in the blank 5
July sales on account:      
Collected in July     fill in the blank 6
Total cash collected $fill in the blank 7 $fill in the blank 8 $fill in the blank 9
       
     
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