Schedule of Cash Collections of Accounts Receivable Pet Supplies Inc., a pet wholesale supplier, was organized on January 1. Projected sales for each of the first three months of operations are as follows: January $300,000 February 500,000 March 750,000 All sales are on account. Seventy-five percent of sales are expected to be collected in the month of the sale, 20% 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. Enter all amounts as positive numbers. March $ Pet Supplies Inc. Schedule of Cash Collections from Sales For the Three Months Ending March 31 January February January sales on account: Collected in January Collected in February Collected in March February sales on account: Collected in February Collected in March March sales on account: Collected in March Total cash collected