Exercise 14-13 (Algo) Cash receipts budget LO 4,7 Fox Trail Center's sales are all made on account. The firm's collection experience has been that 30% of a month's sales are collected in the month the sale is made, 51% are collected in the month following the sale, and 17% are collected in the second month following the sale. The sales forecast for the months of May through August is as follows: May June July August $245,000 282,000 300,000 355,000 Required: Calculate the cash collections that would be included in the cash budgets for July and August Cash collections July August