Exercise 7-18 Budgeted cash receipts LO P2 Jasper Company has sales on account and for cash. Specifically, 64% of its sales are on account and 36% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $524,000 for April, $534,000 for May. and $559,000 for June. The beginning balance of Accounts Receivable is $302,800 on April 1 Prepare a schedule of budgeted cash receipts for April, May. and June. April May June Cash sales 36% 64% Sales on account 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