Portia is a retailer of scrapbooking products. The sales forecast for the coming months is: Revenues April (actual) $ 250,000 May (actual) $ 275,000 June $ 300,000 July $ 350,000 August $ 350,000 Portia's sales are all credit. The collection pattern is 65% in the month of sale, 25% the following month and the remainder in the second month following the sale. Accounts receivable on April 1 were $122,500. 1. Prepare a cash receipts schedule for the period June through August (by month). 2. What will the Accounts Receivable balance be on August 31?