Moore Company was organized on March 1 of the current year. Projected sales for each of the first three months of operations are as follows:
March $240,000
April 255,000
May 290,000
The company expects to sell 20% of its merchandise for cash. Of sales on account, 50% are expected to be collected in the month of the sale, 30% in the month following the sale, and the remainder in the following month. Prepare a schedule indicating cash collections of accounts receivable for March, April, and May.