Pet Place Supplies Inc., a pet wholesale supplier, was organized on May 1, 2016. Projected sales for each of the first three months of operations are as follows:
May 134000
June 155000
July 169000
All sales are on account. Sixty-five percent of sales are expected to be collected in SHOW ME HOW the month of the sale, 30% in the month following the sale, and the remainder in the second month following the sale.
Prepare a schedule indicating cash collections from sales of May, June, July