Schedule of Cash Collections on Accounts Receivable and Cash Budget Roybal Inc. sells all of its product on account. Roybal has the following accounts receivable payment experience: Percent paid in the month of sale 20 Percent paid in the month after the sale 55 Percent paid in the second month after the sale 23 To encourage payment in the month of sale, Roybal gives a 2% cash discount. Roybal's anticipated sales for the next few months are as follows: April $190,000 May 248,000 June 260,000 July 240,000 August 300,000 Required: 1. Prepare a schedule of cash receipts for July. Be sure to enter percentages as whole numbers. Roybal Inc. Schedule of Cash Receipts For July Payments on account: From May credit sales: $ % $ 49,600 From June credit sales: $ % From July credit sales: $ % Less: July cash discount $ % Cash receipts $ Feedback Incorrect 2. Prepare a schedule of cash receipts for August. Be sure to enter percentages as whole numbers. Roybal Inc. Schedule of Cash Receipts For August Payments on account: From June credit sales: $ % $ From July credit sales: $ % From August credit sales: $ % Less: August cash discount $ % Cash receipts $