Exercise 8-24 Scheciule of Cash Receipts Del Spencer is the owner and founder of Del Spencer's Men's Clothing Store. Del Spencer's has its own house charge accounts and has found from past experience that 10 percent of its sales are for cash. The remaining 90 percent are on credit. An aging schedule for accounts reccivable reveals the following pattern: 15 percent of credit sales are paid in the month of sale. 65 percent of credit sales are paid in the first month following the sale. 14 percent of credit sales are paid in the second month following the sale. 6 percent of credit sales are never collected. Credit sales that have not been paid until the second month following the sale are considered overdue and are subject to a 3 percent late charge. Del Spencer's has developed the following sales forecast: Required: Prepare a schedule of cash receipts for August and September. Exercise 8-25 Cash Disbursements Schedule Refer to Exercise 8-24. Del Spencer's purchases clothing evenly throughout the month. All purchases are on account. On the first of every month, Jana Spencer, Del's wife, pays for all of Del Spencer's Men's Clothing Store Schedule of Anticipated Cash Receipts For the Months of August and September