Portia is a retailer of scrapbooking products. The sales forecast for the coming months is: April (actual) Revenues $268,000 June May (actual) July August $293,000 $318,000 $368,000 $368,000 Portia's sales are all credit. 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 $131,500. a. Prepare a cash receipts schedule for the period June through August (by month). Month of Sale Month Following 2nd Month Total Collection June July August b. What will the Accounts Receivable balance be on August 31? Accounts Receivable Balance