Schedule of Cash Collections of Accounts Receivable Fur Family 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 $270,000 340,000 450,000 All sales are on account. Of sales on account, 52% are expected to be collected in the month of the sale, 43% 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. FUR FAMILY INC. Schedule of Collections from Sales For the Three Months Ending July 31 May sales on account: Collected in May May June July 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 $