Cash Collection Budget_ Markum Corporation has prepared the following sales budget: Month Cash Sales Credit Sales May $80,000 $200,000 June 110,000 250,000 July 120,000 300,000 August 180,000 September 400,000 250,000500,000 Collections are 20 percent in the month of sale, 70 percent in the month following the sale, and 10 percent two months following the sale. Required: Prepare a schedule of cash collections for July through September. July Cash Sales Credit sale collections August September TOTAL