7-30 Sales Budget Suppose a lumber yard has the following data: Accounts receivable, May 31: (.2 x May sales of $360,000) = $72,000 Monthly forecasted sales: June, $437.000; July, $441.000: August, $502,000: September, $531,000 Sales consist of 80% cash and 20% credit. All credit accounts are collected in the month follow- ing the sales. Uncollectible accounts are negligible and may be ignored. Prepare a sales budget schedule and a cash collections budget schedule for June. July. and August