Exercise 20-18 Budgeted cash receipts LO P2 Jasper Company has sales on account and for cash. Specifically, 61% of its sales are on account and 39% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $517,000 for April, $527,000 for May, and $552,000 for June. The beginning balance of Accounts Receivable is $302,300 on April 1 Prepare a schedule of budgeted cash receipts for April, May, and June. April May June Cash sales 39% Sales on account 61% 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