Schedule of Cash Collections on Accounts Receivable and Cash Budget Lopez Inc. found that about 35% of its sales during the month were for cash. Lopez has the following accounts receivable payment experience: Lopez's anticipated sales for the next few months are as follows: Required: 1. Calculate credit sales for May. Calculate credit sales for June. 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 answer 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 Cash sales Payments on account: From May credit sales: % From June credit sales: % % August $ $ From July credit sales: $ x % % From August credit sales: $ % Cash receipts