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 $525,000 for April, $535,000 for May, and $560,000 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 June April May Cash receipts from Cash sales Collection of accounts receivable Next Prev 1 of 1