Name: Date: Program-Year-Section: Score: Professor: sing Exercise 2 (Schedule of Expected Cash Collections) Peak sales for General Products, Inc. occur in September. The company's sales budget for the third quarter showing these peak sales is given below. YEAR July August September Total Budgeted sales...... P885,500 P1,018,000 P1,222,000 P3,125,500 From past experience, the company has learned that 20% of a month's 782,000 sales are collected in the month of sale, that another 70% is collected in the month following sale, and that the remaining 10% is collected in the second month following sale. Bad debts are negligible and can be ignored. May sales totaled P700,000 and June sales totaled P770,000. 360, 000 72,000 Required: 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the third quarter. 2. Assume that the company will prepare a budgeted balance sheet of September 30. Compute the accounts receivable as of the date