19-5

CH 5 Jasper Company has sales on account and for cash. Specifically, 58% of its sales are on account and 42% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $517,000 for April, $527,000 for May, and $552,000 for June. The beginning balance of Accounts Receivable is $306,600 on April 1. Prepare a schedule of budgeted cash receipts for April, May, and June. eBook April May June Cash sales Sales on account Total sales 42% 58% Hint May June JASPER COMPANY Schedule of Cash Receipts For April, May, and June April Cash receipts from: Cash sales Collection of accounts receivable Total budgeted cash receipts