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 collection experience: Percent collected in the month of sale 24 64 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: 8 April $241,000 May 281,000 June 269,000 July 291,000 August 296,000 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. X Open spreadsheet Required: Do not found intermediate calculations, Round all amounts to the nearest dollar 1 Calculate credit sales for May June July, and August Required: Do not round Intermediate calculations. Round all amounts to the nearest dollar 1. Calculate credit sales for May June July, and August. Credit sales for May 246,500 X 238,000 X Credit sales for June Credit sales for July 250,750 X Credit sales for August 255,000 X 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 Collections on account: From May credit sales From June credit sales From July credit sales booli bbIII From August credit sales es for August 255,000 x 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 Collections on account: From May credit sales From June credit sales From July credit sales boooo boooo From August credit sales Cash receipts Feed Check My W 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 sales and then multiplying by the percentages to be collected each month