Schedule of Cash Collections on Accounts Receivable and Cash Budget Roybal Inc. sells all of its product on account. Roybal has the following accounts receivable payment experience: Percent paid in the month of sale , Percent paid in the month after the sale Percent paid in the second month after the sale To encourage payment in the month of sale, Roybal gives a 2% cash discount. Roybal's anticipated sales for the next few monts ne as follows: April May June July August 20 $285,000 372,000 390,000 360,000 450,000 Required: 1. Prepare a schedule of cash receipts for July. Be sure to enter percentages as whole numbers. For July Payments on account: From May credit sales: From June credit sales: From July credit sales: Less: July cash discount Cash receipts 2. Prepare a schedule of cash receipts for August. Be sure to enter percentages as whole numbers. Roybal Inc. Schedule of Cash Receipts 2. Prepare a schedule of cash receipts for August. Be sure to enter percentages as whole numbers. Roybal Inc. Schedule of Cash Receipts For August Payments on account: From June credit sales: From July credit sales: From August credit sales: Less: August cash discount Cash receipts