Schedule of Cash Collections of Accounts Receivable Fur Family Inci, a pet wholesale supplier, was organized on May 1. Projected sales for each of the first three months of operations are as follows: All sales are on account, Of sales on account, 54% are expected to be collected in the month of the sale, 41% in the first month following the sale, an the remainder in the second month following the sale. This information has been collected in the Microsoft Excel Online file, Open the spreadsheet, perform the required analysis, and input your answers in the question below. Open spreadsheet Prepare a schedule indicating cash collections from sales for May, June, and July. 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 T Check My Work A schedule of collections from sales is prepared as a means of estimating cash receipts from cash sales and coliections on account, To estimate, multiply the projected sales by the percent expected to be collected in the month of sale, then the month following the sale, and finally, the remainder in the second month following the sale