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 $521,000 for April, $531,000 for May, and $556,000 for June. The beginning balance of Accounts Receivable is $291,000 on April 1 Prepare a schedule of budgeted cash receipts for April, May, and June. April May Cash sales 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