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: All sales are on account. Collections are expected os follows: 51% of sales ore expected to be collected in the month af the sale, 4595 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 Januery, Fobruary, and March. Schedule of cash payments for a service company Horizon Financial Inc. was organized on February 28. Projected selling and administrative expenses for each of the first three months of operations are as follows: Depreciation, insurance, and property taxes represent $39,000 of the estimated monthly expenses. The annual insurance premium was paid on February 28, and property taxes for the year will be poid in june. Of the remainder of the expenses, 59% are expected to be paid in the month in which they are incurred, with the balance to be pold in the following month