Schedule of Cash Collections of Accounts Receivable Furry Friends 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 $230,000 June July 260,000 350,000 All sales are on account. 59 percent of sales are expected to be collected in the month of the sale, 30% 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. Furry Friends Supplies Inc. Schedule of Collections from Sales For the Three Months Ending May 31 May June May sales on account: Collected in May 135,700 Collected in June 69,000 Collected in July June sales on account: Collected in June Collected in July July sales on account: Collected in July 153,400 Total cash collected 135,700 222,400 Feedback July 206,500 Check My Work Of the sales on account, note the percentages of the total that are expected to be collected in the month of the sale and in each of the next two months.