Schedule of Cash Collections on Accounts Receivable and Cash Budget Royal Inc, sells all of its product on account. Roybal has the following accounts receivable payment experience: Percent paid in the month of sale 20 Percent paid in the month after the sale 55 Percent paid in the second month after the sale 23 To encourage payment in the month of sale, Roybal gives a 2% cash discount Roybal's anticipated sales for the next few months are as follows: April $209,000 May 272,800 June 286,000 July 264,000 August 330,000 Required: 1. Prepare a schedule of cash receipts for July. Be sure to enter percentages as whole numbers. Roybal Inc. Schedule of Cash Receipts For July Payments on account: From May credit sales: x 96 From June credit sales: % From July credit sales: Check My Work 10 more Check My Work uses remaining From June credit sales: % From July credit sales: X Less: July cash discount % Cash receipts