Exercise 20-18 Budgeted cash receipts LO P2

Jasper Company has sales on account and for cash. Specifically, 63% of its sales are on account and 37% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $530,000 for April, $540,000 for May, and $565,000 for June. The beginning balance of Accounts Receivable is $306,800 on April 1. Prepare a schedule of budgeted cash receipts for April, May, and June.