Exercise 10-30 (Algo) Budgeted Cash Receipts: Cash Discounts Allowed on Receivables [LO 10-4] Yeopay Plumbing Supply accepts bank credit cards and offers established plumbers charge accounts with terms of 1/eom, n/45. Yeopay's experience is that 25% of its sales are for cash and bank credit cards. The remaining 75% are on credit. Of the cash sales, 40% pay cash and the remaining 60% pay with bank credit cards. Yeopay receives payments from the bank on credit card sales at the end of the day. However, Yeopay has to pay 3% for these services. An aging schedule for accounts receivable shows the following pattern on credit sales: 20% pay in the month of sale. 50% pay in the first month following the month of sale. 15% pay in the second month following the month of sale. 12% pay in the third month following the month of sale. 3% are never collected. All accounts not paid by the end of the second month following the month of sale are considered overdue and are subject to a 5% monthly late charge. Yeopay has prepared the following sales forecasts: June July August September October $ 92,000 144,000 154,000 192,000 120,000 Required: 1a. Prepare a schedule of cash receipts for September. Cash receipts for September should total $158,292. 1b. Prepare a schedule of cash receipts for October. Cash receipts for October should total $150,213. Prepare a schedule of cash receipts for September. Cash receipts for September should total $158,292. (All percentage answers should be entered as whole numbers. If "Collection %" is 100 percent for a particular period, leave the corresponding cell blank.) Cash Receipts for September Payment % Collection % Budgeting Cash Receipts Total Sales Sales % % % % % Cash Receipts $ 0 0 % Collection of accounts receivable: % % 0 % % % 0 % % % 0 % % 0 Total cash receipts $ 0 Reg 1A Reg 1B Prepare a schedule of cash receipts for October. Cash recipts for October should total $150,213. (All percentage answers should be entered as whole numbers. If "Collection %" is 100 percent for a particular period, leave the corresponding cell blank.) Cash Receipts for October Payment % Collection % Budgeting Cash Receipts Total Sales Sales % % % % Cash Receipts $ 0 0 % % Collection of accounts receivable: % % % % % % % % 0 0 0 % % 0 Total cash receipts $ 0