1. (5 points) During May and June 1989, Center's Wholesale had sales of $400,000 and $600,000, respectively. During the next 3 months sales are forecasted to be (S): July 500.000 August 1,000,000 September 750,000 In the past credit sales were 80% of total sales, and this experience is expected in the future months as well. All credit sales are considered collectible. The collection of credit sales typically occurs in the following manner: 40% collected in the month of sale 40% collected in the first month following sale 20% collected in the second month following sale Required: Prepare a schedule of cash collections for July, August, and September. May June July Aug Sept Sales Cash sales Credit sales -the month of sales -a month before -two month before Total (2) (4)