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Schedule of Cash Collections of Accounts Receivable PetJoy Wholesale Inc., a pet wholesale supplier, was organized...

Schedule of Cash Collections of Accounts Receivable PetJoy Wholesale Inc., a pet wholesale supplier, was organized on March 1, 2016. Projected sales for each of the first three months of operations are as follows: March $380,000 April 500,000 May 760,000 The company expects to sell 12% of its merchandise for cash. Of sales on account, 54% are expected to be collected in the month of the sale, 41% in the month following the sale, and the remainder in the second month following the sale. Hide or show questions Progress:1/3 items eBookShow Me HowCalculator Schedule of Cash Collections of Accounts Receivable PetJoy Wholesale Inc., a pet wholesale supplier, was organized on March 1, 2016. Projected sales for each of the first three months of operations are as follows: March $380,000 April 500,000 May 760,000 The company expects to sell 12% of its merchandise for cash. Of sales on account, 54% are expected to be collected in the month of the sale, 41% 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 March, April, and May. PetJoy Wholesale Inc. Schedule of Cash Collections For the Three Months Ending May 31, 2016 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 $ $ $

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