Schedule of Cash Collections of Accounts Receivable PetJoy Wholesale Inc., a pet wholesale supplier, was organized on March 1, 2016. Projected sales for each of the first three months of operations are as follows: March April May The company expects to sell 11% of its merchandise for cash. Of sales on account, 52% are expected to be collected in the month of the sale, 43% 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 March, April, and May $150,000 160,000 240,000 PetJoy Wholesale Inc. Schedule of Cash Collections March April May Receipts from cash sales: Cash sales 16,500 17,600 26,400 March sales on account: Collected in March Collected in April Collected in May April sales on account: Collected in April Collected in May 14,685 April May The company expects to sell 11% of its merchandise for cash. Of sales on account, 52% are expected to be collected in the month of the sale, 43% 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 March, April, and May. 160,000 240,000 PetJoy Wholesale Inc. Schedule of Cash Collections For the Three Months Ending May 31, 2016 March April May Receipts from cash sales: Cash sales 16,500 17,600 26,400 March sales on account: Collected in March Collected in April Collected in May April sales on account: Collected in April Collected in May May sales on account: Collected in May 14,685 Total cash collected