Exercise 7-18 Budgeted cash receipts LO P2 Jasper Company has sales on account and for cash. Specifically, 65% of its sales are on account and 35% are for cash. Credit sales are collected in full in the month following the sale. The beginning balance of Accounts Receivable is $305,700 on April 1. Prepare a schedule of budgeted cash receipts for April, May, and June. 0 for April, $531,000 for May, and $556,000 for June. The April May June Cash sales Sales on account 35% 65% 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