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 27 66 5 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 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: Previous Next Check My Work 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 *o". Bennett Inc. Schedule of Cash Receipts For July and August July August Cash sales 44,250 45,150 Collections on account: From May credit sales 0 85 X 0 X From June credit sales From July credit sales From August credit sales 85 X o 85 X Cash receipts Feedback Check My Work 1. Calculate credit sales for each month by multiplying the percentage of credit sales by total sales. 2. Include cash sales by multiplying the percentage of cash sales by total sales. Include credit sales by multiplying the percentage of credit sales by total salarni