Phillip Corporation has the following sales budget: Month Budgeted Sales May $84,000 June 100,000 July 92,000 August 110,000 September 90,000 Credit sales are 80% of total sales. Collections of credit sales are 80% in the month of sale, 15% in the month after sale and 5% are never collected. Required: Prepare a schedule of cash collections for June, July and August.