Pet Stop 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 une July All sales are on account. Of sales on account, 57% are expected to be collected in the month of the sale, 39% in the first 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 $260,000 380,000 540,000 PET STOP INC. Schedule of Collections from Sales For the Three Months Ending July 31 May July June May sales on account: Collected in May Collected in June Collected in July June sales on account: Collected in June Collected in July uly sales on account: Collected in July Total cash collected