Hends 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: ogress=false May $200,000 June 280,000 July 420,000 All sales are on account. 50 percent of sales are expected to be collected in the month of the sale, 38% in the month following the sale, and the remainder in the second month following the sale. July Prepare a schedule indicating cash collections from sales for May, June, and July Furry Friends Supplies Inc. Schedule of Collections from Sales For the Three Months Ending May 31 May June May sales on account: Collected in May Collected in June Collected in July June sales on account: Collected in June Collected in July All sales are on account. 50 percent of sales are expected to be collected in the month of the sale, 38% 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. July Furry Friends Supplies Inc. Schedule of Collections from Sales For the Three Months Ending May 31 May June May sales on account: Collected in May Collected in June Collected in July June sales on account: Collected in June Collected in July July sales on account: Collected in July Total cash collected