Portia Incorporated is a retailer of scrapbooking products. The actual and forecast sales for the months of April through

August are:

Revenues

April $($actual$)$ $$250,200$

May $($actual$)275,400$

June $300,400$

July $350,400$

August $350,400$

All sales are credit sales. The collection pattern is $60\%$ in the month of sale, $35\%$ the following month and the remainder in

the second month following the sale. Accounts receivable on April $1$

were $$122,900.$a$.$ Prepare a cash receipts schedule for the period June through August $($by month$).$

b$.$ What is the expected Accounts Receivable balance at August $31?$

Required:

a$.$ Prepare a cash receipts schedule for the period June through August $($by month$).$