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 $350,000 390,000 June 580,000 July All sales are on account. Of sales on account, 55% are expected to be collected the month of the sale, 40% in the month following the sale, and the remainder in the second month following the sale. Prepare 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 July 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