Exercise 20-18 Budgeted cash receipts LO P2 Jasper Company has sales on account and for cash. Specifically, 60% of its sales are on account and 40% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $527,000 for April, $537,000 for May, and $562,000 for June. The beginning balance of Accounts Receivable is $303,100 on April 1. Prepare a schedule of budgeted cash receipts for April, May, and June. April May June Cash sales Sales on account 40% 60% Total sales May June JASPER COMPANY Schedule of Cash Receipts For April, May, and June April Cash receipts from: Cash sales Collection of accounts receivable Total budgeted cash receipts