Question 3 (7 marks) Quality Crafts is planning for the 1st quarter ending September 2023, and has supplied the following information: Purchases The forecast sales for the next three months are: 30% of its sales are in cash, and the remainder is on credit. Of the credit sales, 40% is paid in the month of sale, and 55% is paid in the month after the sale. The remaining 5% is deemed uncollectable. The 30 June accounts receivable balance is $25000. The company plans to sell some of its office furniture in October for $20000. Required: a) Prepare a schedule of expected cash receipts for each of the three months (July September), including the total cash receipts for the quarter. ( 5 marks) ANSWER a)