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The company expects to sell 12 of its merchandise for cash

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Reference no: EM13577549

PetJoy Wholesale Inc., a pet wholesale supplier, was organized on March 1, 2014. Projected sales for each of the first three months of operations are as follows:

March $350,000
April 410,000
May 610,000

The company expects to sell 12% of its merchandise for cash. Of sales on account, 52% are expected to be collected in the month of the sale, 44% in the month following the sale, and the remainder in the second month following the sale.


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Prepare a schedule indicating cash collections from sales for March, April, and May.

PetJoy Wholesale Inc.

Schedule of Collections from Sales

For the Three Months Ending May 31, 2014


March

April

May

Receipts from cash sales:






Cash sales

$  

$  

$  

March sales on account:






Collected in March

 




Collected in April



 


Collected in May





 

April sales on account:






Collected in April



 


Collected in May





 

May sales on account:






Collected in May





 

Total cash collected

$  

$  

$  

Reference no: EM13577549

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