General Electric Company is preparing its cash budget for the next quarter. Sales are projected to be $2,000,000 in October, $2,500,000 in November, and $3,000,000 in December. The company typically collects 70% of sales in the month of sale and 30% in the following month. Prepare a cash receipts schedule and determine the ending cash balance for each month if the beginning cash balance for October is $500,000.