The S. R. Jackson Company is preparing a cash receipts schedule for the second quarter of 2005. Sales on account for February and March 2005 are expected to be \($50,000\) and \($60,000\), respectively. Budgeted sales for the second quarter of 2005 are presented here.

Expected collection pattern for sales on account:
25 percent in the month of sale 50 percent in the month following the sale 25 percent in the second month following the sale 0 percent uncollectible Required: Prepare a cash receipts schedule for the second quarter of 2005.

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The S. R. Jackson Company Sales Budget For the Quarter Ended June 30, 2005 Apr May Budgeted Cash Sales $15,000 $20,000 Jun $25,000 Total $ 60,000 Budgeted Sales on Account 30,000 40,000 50,000 120,000 Total Sales $45,000 $60,000 $75,000 $180,000