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lemieuxsamhya
lemieuxsamhya
08.04.2021 • 
Business

Pet Stop 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 $220,000 June 320,000 July 420,000 All sales are on account. Of sales on account, 53% are expected to be collected in the month of the sale, 42% in the first 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.

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