Schedule of Cash Collections on Accounts Recelvable and Cash Budget Selig Inc. found that about 20% of its sales during the month were for cash. The company has the following accounts recelvable collection experience: Selig's anticipated sales for the next few months are as follows: Do not round intermediate calculations. Round all amounts to the nearest dollar. 1. Calculate credit sales for May, June, July, and August. 2. Prepare a schedule of cash recelpts for July and August