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Exercise 22-18 Budgeted cash receipts LO P2 Jasper Company has sales on account and for cash. Specifically, 58% of its sales are on account and 42% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $533,000 for April $543,000 for May, and $568,000 for June. The beginning balance of Accounts Receivable is $305,600 on April 1. Prepare a schedule of budgeted cash receipts for April, May, and June. June Cash sales Sales on account Total sales 42% 58% April $ 309,140 309,140 $ May 228,060 314 940 543.000 $ $ 0 JASPER COMPANY Schedule of Cash Receipts For April May, and June April Cash receipts from Cash sales $ Collection of accounts receivable 305,600 Total budgeted cash receipts $ May June 228,050 309,140 537.200