Schedule of Cash Collections on Accounts Receivable and Cash Budget Bennett Inc. found that about 35% of its sales during the month were for cash. Bennett has the following accounts receivable collection experience: Bennett's anticipated sales for the next few months are as follows: This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Do not round intermediate calculations. Round all amounts to the nearest dollar. 1. Calculate credit sales for May, June, July, and August. 2. Prepare a schedule of cash receipts for July and August. If an amount box does not require an entry, leave it blank or enter "0". Bennett Inc. Schedule of Cash Receipts For July and August Cash sales $July$August Collections on account: From May credit sales From June credit sales From July credit sales From August credit sales Cash receipts