Schedule of Cash Collections on Accounts Receivable and Cash Budget

Bennett Inc. found that about 15% of its sales during the month were for cash. Bennett has the following accounts receivable collection experience:

Percent collected in the month of sale	22
Percent collected in the month after the sale	65
Percent collected in the second month after the sale	7

Bennett's anticipated sales for the next few months are as follows:

April	$243,000
May	289,000
June	278,000
July	296,000
August	301,000

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.
	Credit sales for May	$
	Credit sales for June	$
	Credit sales for July	$
	Credit sales for 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
					July		August
	Cash sales				$		$
	Collections on account:
	From May credit sales
	From June credit sales
	From July credit sales
	From August credit sales
	Cash receipts				$		$