Chapter 9HW 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: 20 Percent paid in the month after the sale Percent paid in the second month after the 33 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: Ar May $256,500 334,800 351,000 July 324,000 August Required: 405,000 1. Prepare a schedule of cash receipts for July. Be sure to enter percentages as whole numbers. Roybal Inc. Schedule of Cash Receipts From May cred From July credit sales Les July cash discount Cash receipt For July 2. Prepare a schedule of cash receipts for August. Be sure to enter percentages as whole numbers. Roybal Inc. Schedule of Cash Receipts Payments on account: For August From July credit sales From August credit sales Less: August cash discount Cash receipt