Problem 4-19 Schedule of cash receipts [LO4-2] Watt's Lighting Stores made the following sales projection for the next six months. All sales are credit sales. Sales in January and February were $62,000 and $61,000, respectively. Experience has shown that of total sales, 5 percent are uncollectible, 40 percent are collected in the month of sale, 50 percent are collected in the following month, and 5 percent are collected two months after sale. a. Prepare a monthly cash receipts schedule for the firm for March through August