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 Percent paid in the month after the sale 20 55 23 Percent paid in the second month after the sale 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 June July August 248,000 260,000 240,000 300,000 Required: 1. Prepare a schedule of cash receipts for July. Be sure to enter percentages as whole numbers. Roybal Inc. Schedule of Cash Receipts Payments on account From May credit sales: For July 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: From June credit sales: % % From July credit sales: % Less: July cash discount % 00000 Cash receipts 2. Prepare a schedule of cash receipts for August. Be sure to enter percentages as whole numbers. Roybal Inc. Schedule of Cash Receipts Less: July cash discount Cash receipts % 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: X % Less: August cash discount Cash receipts X % 00000