1. Records for Crandon, Inc show past sales to be January $300,000; February $340,000; and March $360,000. Budgeted sales April $400,000; May $500,000; and June $600,000. All sales are on credit. Collections of credit sales follows --- 70% in the month of sales --- 25% in the month following sales 5% in the second month following sales The company gives a 4.5% cash discount to customers paying in the month of sale. (a) Prepare a schedule of cash receipts budget for the second quarter. (b) Collections for April. (c) Collections for May. (d) Collections for June. (e) What will the Accounts Receivable balance be on June 302 1. Records for Crandon, Inc show past sales to be January $300,000; February $340,000; and March $360,000. Budgeted sales April $400,000; May $500,000; and June $600,000. All sales are on credit. Collections of credit sales follows --- 70% in the month of sales --- 25% in the month following sales 5% in the second month following sales The company gives a 4.5% cash discount to customers paying in the month of sale. (a) Prepare a schedule of cash receipts budget for the second quarter. (b) Collections for April. (c) Collections for May. (d) Collections for June. (e) What will the Accounts Receivable balance be on June 302