Q1 - CASH BUDGETING (40 MINS) Raptors Rugs has forecasted sales for the following period. May June July August September October Sales $10,800 $14,400 $9,000 $12,600 $15,300 $16,200 Revenue was $12,000 in March and $14,000 in April. 20% of sales are cash, the rest are on account. 24% of sales on account are collected in the month of sale. 38% of sales on account are collected in the next month and 30% two months after the month of sale. 8% of sales on account have historically have been uncollectible. REQUIRED Create a monthly cash collection budget for Raptors Rugs from May through October Determine what would be the accounts receivable at the end of October.