Exercise 20-18 Budgeted cash receipts LO P2 Jasper Company has sales on account and for cash. Specifically. 70% of its sales are on account and 30% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $525,000 for April, $535,000 for May, and $560,000 for June. The beginning balance of Accounts Receivable is $400,000 on April 1. Prepare a schedule of budgeted cash receipts for April, May, and June. April May June 30% Cash sales Sales on account Total sales 70% 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