how Me How Schedule of Cash Collections of Accounts Receivable 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 $190,000 250,000 340,000 All sales are on account. Of sales on account, 56% are expected to be collected in the month of the sale, 39% 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. Pet Place Supplies Inc. Schedule of Cash Collections from Sales For the Three Months Ending July 31 May June July May sales on account: Collected in May 106,400 Collected in June 140,000 X Collected in July 190,400 X June sales on account: Collected in June Collected in July July sales on account Collected in July Total cash collected Check My Wirk 97,500 X Check My Work 2 more Check My Work uses remaining 132,400 X 323,000 X