Schedule of Cash Collections of Accounts Receivable Furry Friends Supplies Inc., a pet wholesale supplier, was organized
Posted: Thu May 19, 2022 3:59 pm
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:
All sales are on account. 58 percent of sales are expected to be
collected in the month of the sale, 31% 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., a pet wholesale supplier, was
organized on May 1. Projected sales for each of the first three
months of operations are as follows:
All sales are on account. 58 percent of sales are expected to be
collected in the month of the sale, 31% 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.