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Schedule of Cash Collections on Accounts Receivable and Cash Budget Roybal Inc. sells all of its product on account. Roybal has the following accounts receivable payment experience: Percent paid in the month of sale Percent paid in the month after the sale Percent paid in the second month after the sale To encourage payment in the month of sale, Roybal gives a 2% cash discount. Roybal's anticipated sales for the next few months are as follows: April $275,500 May 359,600 June 377,000 July 348,000 August 435,000 Required: 1. Prepare a schedule of cash receipts for July. Be sure to enter percentages as whole numbers. 1. Prepare a schedule of cash receipts for July. Be sure to enter percentages as whole numbers. Roybal Inc. Schedule of Cash Receipts For July Payments on account: From May credit sales: % From June credit sales: From July credit sales: $ x % Less: July cash discount $ % Cash receipts 2. Prepare a schedule of cash receipts for August. Be sure to enter percentages as whole numbers. Roybal Inc. Schedule of Cash Receipts For August Payments on account: From June credit sales: From July credit sales: From August credit sales: Less: August cash discount Cash receipts $ 250,600 x