Exercise 7-18 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 $531,000 for April, $541,000 for May, and $566,000 for June. The beginning balance of Accounts Receivable is $307,800 on April 1 Prepare a schedule of budgeted cash receipts for April, May, and June May April June 39% 61% Cash sales Sales on account Total sales JASPER COMPANY Schedule of Cash Receipts For April, May, and June May April June Cash receipts from: Cash sales Collection of accounts receivable 293,600 Total budgeted cash receipts