Schedule of Cash Collections of Accounts Receivable Pet Stop 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 une July Al sales are on account. Of sales on account, 53% are expected to be collected in the month of the sale, 43% in the first month following the sale, and the remainder in th second month following the sale. Prepare a schedule indicating cash collections from sales for May, June, and July 350,000 390,000 530,000 PET STOP INC. Schedule of Collections from Sales For the Three Months Ending July 31 May June Duly May sales on account Collected in May Collected in June Collected in July June sales on account Collected in June Collected in July