A company budgets sales for the next three months as follows. The company's sales are 40% for cash and 60% on credit. All credit sales are fully collected in the month after the sale. Total sales were $300,000 in April. May Budgeted sales $ 320,000 June $310,000 July $ 290,000 Prepare a schedule of cash receipts from sales for May, June, and July. Schedule of Cash Receipts from Sales Sales Cash receipts from: Cash sales Collections of prior period sales Total cash receipts May June July $ 320,000 $ 310,000 $ 290,000