Schedule of Cash Collections on Accounts Receivable and Cash Budget Selig Inc. found that about 40% of its sales during the month were for cash. The company has the following accounts receivable payment experience: Percent paid in the month of sale Percent paid in the month after the sale Percent paid in the second month after the sale Selig's anticipated sales for the next few months are as follows: April May June July August $250,000 290,000 300,000 315,000 295,000 20 68 7 Required: 1. Calculate credit sales for May. Calculate credit sales for June. Calculate credit sales for July. Calculate credit sales for August. 2. Prepare a schedule of cash receipts for July and August. Round your answers to the nearest whole dollar, if necessary. If an amount box does not require an entry, leave it blank or enter "0". Be sure to enter percentages as whole numbers. Selig Inc. Schedule of Cash Receipts For July and August Cash sales Payments on account: From May credit sales: x From June credit sales: x % % % From July credit sales: x % From August credit sales: Cash receipts x % % July August