Schedule of Cash Collections of Accounts Receivable
Pet Place 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 | $200,000 |
June | 250,000 |
July | 330,000 |
All sales are on account. Of sales on account, 60% 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.
Pet Place Supplies Inc. | |||
Schedule of Cash Collections from Sales | |||
For the Three Months Ending July 31 | |||
May | June | July | |
May sales on account: | |||
Collected in May | $ | ||
Collected in June | $ | ||
Collected in July | $ | ||
June sales on account: | |||
Collected in June | |||
Collected in July | |||
July sales on account: | |||
Collected in July | |||
Total cash collected | $ | $ | $ |
Pet Place Supplies Inc. | |||
Schedule of Cash Collections from Sales | |||
For the Three Months Ending July 31 | |||
May | June | July | |
May sales on account: | |||
Collected in May | 200,000 x 60% = 120,000 | ||
Collected in June | 200,000 x 35% = 70,000 | ||
Collected in July | 200,000 x 5% = 10,000 | ||
June sales on account: | |||
Collected in June | 250,000 x 60% = 150,000 | ||
Collected in July | 250,000 x 35% = 87,500 | ||
July sales on account: | |||
Collected in July | 330,000 x 60% = 198,000 | ||
Total cash collected | $120,000 | $220,000 | $295,500 |
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