Schedule of Cash Collections of Accounts Receivable Bark & Purr 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 $280,000 380,000 540,000 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. Prepare a schedule indicating cash collections from sales for May, June, and July. Bark & Purr Supplies Inc. Schedule of Collections from Sales For the Three Months Ending July 31 May 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 June July