PART 2 Assume all sales occur evenly during the year, i.e., each month represents 1/12th of annual sales (as estimated for Q3). All sales are made on account and the following additional information pertaining to Accounts Receivable is used for budgeting purposes: Sales by month in 2020 November Sales December Sales $ $ 750,000 700,000 Accounts Receivable Collection Schedule as % of Sales In month of Sale In month following the Sale In the 2nd month following the Sale Expected Bad Debts 45% 30% 20% 5% March Complete the following Cash Collections Schedule on Sales for Q1 2021 in order to answer Questions 6, 7, and 8 pertaining to the budgeted cash collections in Jan, Feb, & Mar. Accounts Amount Collected in Month of Sale Receivable January February November $ 750,000 December $ 700,000 January February $0 March $0 Total Cash Collected 06 Q7 Q8