Exercise 07-18 Budgeted cash receipts LO P2 Jasper Company has sales on account and for cash. Specifically, 70% of its sales are on account and 30% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $525,000 for April, $535,000 for May, and $560,000 for June. The beginning balance of Accounts Receivable is $400,000 on April 1. Prepare a schedule of budgeted cash receipts for April, May, and June. April May June Cash sales 30% Sales on account 70% Total sales $ 0 $ 0 $ 0 JASPER COMPANY Schedule of Cash Receipts For April, May, and June April May June Cash receipts from: Cash sales Collection of accounts receivable Total budgeted cash receipts