Exercise 20-18 Budgeted cash receipts LO P2 Jasper Company has sales on account and for cash. Specifically, 58% of its sales are on account and 42% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $528,000 for April, $538,000 for May, and $563,000 for June. The beginning balance of Accounts Receivable is $308,300 on April 1. Prepare a schedule of budgeted cash receipts for April, May, and June. April May June Cash sales 42% 58% Sales on account Total sales 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