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: May $190,000 June 230,000 July 340,000 All sales are on account. 55 percent of sales are expected to be collected in the month of the sale, 33% in
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: May $190,000 June 230,000 July 340,000 All sales are on account. 55 percent of sales are expected to be collected in the month of the sale, 33% in
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text: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: May $190,000 June 230,000 July 340,000 All sales are
on account. 55 percent of sales are expected to be collected in the month of the sale, 33% 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 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 Feedback
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