Exercise 7-18 Budgeted cash receipts LO P2

Jasper Company has sales on account and for cash. Specifically, 60% of its sales are on account and 40% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $523,000 for April, $533,000 for May, and $558,000 for June. The beginning balance of Accounts Receivable is $298,700 on April 1. Prepare a schedule of budgeted cash receipts for April, May, and June.

		April	May	June
Cash sales	40%
Sales on account	60%
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