Exercise 7-18 Budgeted cash receipts LO P2 Jasper Company has sales on account and for cash. Specifically, 62% of its sales are on account and 38% are for cash, Credit sales are collected in full in the month following the sale. The company forecasts sales of $534,000 for April, $544,000 for May, and $569,000 for June. The beginning balance of Accounts Receivable is $308,300 on April 1 Prepare a schedule of budgeted cash receipts for April, May, and June. May April June Cash sales 38% 62% 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 Total budgeted cash receipts