Cash Collections Budget Jonestown Company uses a calendar year end. The Finance team is preparing the Budget for the third quarter Projected sales are as follows: July 111,000 August 233,000 September 315,500 The company expects to sell 15% of its merchandise for cash. of the sales on account, 40% are expected to be collected in the month of the sale and the remainder in the following month. Accounts receivable at June 30 were $50,490 Required: Prepare a schedule indicating total cash collections for July, August, and September