Schedule of Cash Collections on Accounts Receivable and Cash Budget 27 66 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 Percent collected in the month after the sale Percent collected in the second month after the sale Bennett's anticipated sales for the next few months are as follows: April $246,000 5 May 289,000 June 278,000 July 295,000 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. Open spreadsheet Required: Check My Work Previous Next Required: 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 | IBILI Next Check My Work