One of the steps in creating the cash budget is determining the timing of cash inflows. ABSC Enterprises has created a six month sales forecast. Month March April May June July August Sales 18,000 19,000 15,000 12,000 10,000 9,000 All sales are on credit and experience has shown that 60% of the sales are collected the month of the sale, 25% the following month and 10% the second month following the sales. 5% are considered as uncollectable. Given the collection history ABSC has provide the Jan and Feb sales of $15,000 and $12,000 respectively as some portion will be collected during the six months of the forecasted period. Prepare a monthly cash receipts(collection) schedule for March to August. Jan Jun Month Sales Feb Mar Apr May Jul Aug 15,000 12.000 18.000 19,000 15,000 12,000 10,000 9.000 Collected Current Month Collected from previous month Collected from sales 2 months ago Total