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 $390,000 February 470,000 March 630,000 All sales are on account. 59% of sales are expected to be collected in the month of the sale, 37% 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 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 230,100 Collected in February 144,300 Collected in March February sales on account: Collected in February 277,300 Collected in March March sales on account: Collected in March Total cash collected 230,100 $ 421,600