Schedule of Cash Collections on Accounts Receivable and Cash Budget

Bennett Inc. found that about 35% of its sales during the month were for cash. Bennett has the following accounts receivable payment experience:

Percent paid in the month of sale	25
Percent paid in the month after the sale	68
Percent paid in the second month after the sale	5

Bennett's anticipated sales for the next few months are as follows:

April	$250,000
May	290,000
June	280,000
July	295,000
August	300,000

Required:

1. Calculate credit sales for May. $fill in the blank 611847f2ffcdf8d_1

Calculate credit sales for June. $fill in the blank 611847f2ffcdf8d_2

Calculate credit sales for July. $fill in the blank 611847f2ffcdf8d_3

Calculate credit sales for August. $fill in the blank 611847f2ffcdf8d_4

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1. Calculate credit sales for each month.

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.

Bennett Inc. Schedule of Cash Receipts For July and August
				July		August
Cash sales				$fill in the blank aca048fbf075063_1		$fill in the blank aca048fbf075063_2
Payments on account:
From May credit sales:
$fill in the blank aca048fbf075063_3 fill in the blank aca048fbf075063_4 %				fill in the blank aca048fbf075063_5		fill in the blank aca048fbf075063_6
From June credit sales:
$fill in the blank aca048fbf075063_7 fill in the blank aca048fbf075063_8 %				fill in the blank aca048fbf075063_9
$fill in the blank aca048fbf075063_10 fill in the blank aca048fbf075063_11 %						fill in the blank aca048fbf075063_12
From July credit sales:
$fill in the blank aca048fbf075063_13 fill in the blank aca048fbf075063_14 %				fill in the blank aca048fbf075063_15
$fill in the blank aca048fbf075063_16 fill in the blank aca048fbf075063_17 %						fill in the blank aca048fbf075063_18
From August credit sales:
$fill in the blank aca048fbf075063_19 fill in the blank aca048fbf075063_20 %				fill in the blank aca048fbf075063_21		fill in the blank aca048fbf075063_22
Cash receipts				$fill in the blank aca048fbf075063_23		$fill in the blank aca048fbf075063_24