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CengageNOWv2 | Online x ? C Notsecure v2.cengagenow.com/ilrn/takeAssignment takeAssignment Main donnvoker-assignments&takeAssignmentSessionLocator-assignment; takenpro. Q ? ? ? 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 June July All sales are on account. Of sales on account, 55% are expected to be collected in the month of the sale, 40% 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 1. BE.21-01.ALGO 2. BE.21-02.ALGO 3. BE.21-03.ALGO $350,000 440,000 570,000 4. BE.21-04.ALGO 5. EX.21-01.ALGO Pet Place Supplies Inc. Schedule of Cash Collections from Sales For the Three Months Ending July 31 6. EX.21-02.ALGO 7. EX.21-06.ALGO ay une July May sales on account: Collected in May Collected in June Collected in July April sales on account: Collected in June Collected in July July sales on account: Collected in July Total cash collected 8. EX.21-09.ALGO 9. EX.21-17.ALGO 10. EX.21-20.ALGO 2:08 PM 2) 4/1/2018 T3Explanation / Answer
Pet Place Supplies Inc
Schedule of cash collections from sales
For Three months ending July 31
May
June
July
May Sales on Account
Collected in May
$1,92,500
Collected in June
$1,40,000
Collected in July
$17,500
June Sales on Account
Collected in June
$2,42,000
Collected in July
$1,76,000
July Sales on Account
Collected in July
$3,13,500
Total Cash Collected
$1,92,500
$3,82,000
$5,07,000
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ALL THE BEST !!!
May
June
July
May Sales on Account
Collected in May
$1,92,500
Collected in June
$1,40,000
Collected in July
$17,500
June Sales on Account
Collected in June
$2,42,000
Collected in July
$1,76,000
July Sales on Account
Collected in July
$3,13,500
Total Cash Collected
$1,92,500
$3,82,000
$5,07,000
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