Schedule of cash collections of accounts receivable Pampered Pal Inc., a pet supplies distributor, was organized on January 1. Projected sales for each of the first three months of operations are as follows: January $310,000 February 470,000 March 690,000 All sales are on account. Collections are expected as follows: 53% of sales are expected to be collected in the month of the sale, 42% 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 January, February, and March. Pampered Pal Inc. Schedule of Cash Collections from Sales For the Three Months Ending March 31 Line Item Description January February March January sales on account: Collected in January Collected in February Collected in March February sales on account: Collected in February Collected in March 100 0 0 March sales on account: Collected in March Total cash collected $