Problem 2 Schedule of cash collections of accounts receivable Pet Mart Wholesale Inc., a pet wholesale supplier, was organized on March 1, 2012. 'Projected sales for each of the first three months of operations are as follows: March April May $90,000 150,000 240,000 The company expects to sell 10% of its merchandise for cash. Of sales on account, 50% are expected to be collected in the month of the sale, 35% 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.