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 $526,000 for April, $536,000 for May, and $561,000 for June. The beginning balance of Accounts Receivable is $291,800 on April 1. Prepare a schedule of budgeted cash receipts for April, May, and June April June Cash sales 424 58% Sales on account Total sales JASPER COMPANY Schedule of Cash Receipts For April, May, and June April Cash receipts from Cash sales Collection of accounts receivable May June Total budgeted cash receipts