Schedule of Cash Collections of Accounts Receivable Pet Supplies Inc., a pet wholesale supplier, was organized on January 1. Projected sales for each of the first three months of operations are as follows: January $300,000 February 500,000 March 750,000 All sales are on account. Seventy-five percent of sales are expected to be collected in the month of the sale, 20% 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 January, February, and March. Enter all amounts as positive numbers. Pet Supplies Inc. Schedule of Cash Collections from Sales For the Three Months Ending March 31 January February March January sales on account: Collected in January $fill in the blank 1 Collected in February $fill in the blank 2 Collected in March $fill in the blank 3 February sales on account: Collected in February fill in the blank 4 Collected in March fill in the blank 5 March sales on account: Collected in March fill in the blank 6 Total cash collected $fill in the blank 7 $fill in the blank 8 $fill in the blank 9
Schedule of Cash Collections of Accounts Receivable Pet Supplies Inc., a pet wholesale supplier, was organized on January 1. Projected sales for each of the first three months of operations are as follows: January $300,000 February 500,000 March 750,000 All sales are on account. Seventy-five percent of sales are expected to be collected in the month of the sale, 20% 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 January, February, and March. Enter all amounts as positive numbers. Pet Supplies Inc. Schedule of Cash Collections from Sales For the Three Months Ending March 31 January February March January sales on account: Collected in January $fill in the blank 1 Collected in February $fill in the blank 2 Collected in March $fill in the blank 3 February sales on account: Collected in February fill in the blank 4 Collected in March fill in the blank 5 March sales on account: Collected in March fill in the blank 6 Total cash collected $fill in the blank 7 $fill in the blank 8 $fill in the blank 9
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Schedule of Cash Collections of
Pet Supplies Inc., a pet wholesale supplier, was organized on January 1. Projected sales for each of the first three months of operations are as follows:
| January | $300,000 |
| February | 500,000 |
| March | 750,000 |
All sales are on account. Seventy-five percent of sales are expected to be collected in the month of the sale, 20% 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 January, February, and March. Enter all amounts as positive numbers.
| Pet Supplies Inc. | |||
| Schedule of Cash Collections from Sales | |||
| For the Three Months Ending March 31 | |||
| January | February | March | |
| January sales on account: | |||
| Collected in January | $fill in the blank 1 | ||
| Collected in February | $fill in the blank 2 | ||
| Collected in March | $fill in the blank 3 | ||
| February sales on account: | |||
| Collected in February | fill in the blank 4 | ||
| Collected in March | fill in the blank 5 | ||
| March sales on account: | |||
| Collected in March | 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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