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Schedule of Cash Collections of Accounts Receivable Fido & Lucy Wholesale Inc., a pet wholesale supplier, was organized on March 1. Projected sales for each of the first three months of operations are as follows: The company expects to sell 20% of its merchandise for cash. Of sales on account, 40% are expected to be collected in the month of the sale, 55% 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