Schedule of Cash Receipts Del Spencer is the owner and founder of Del Spencer's Men's Clothing Store Del Spencer has its own house charge accounts and has found from an operience that 10 percent its sales are for cash. The remaining 90 percent are on credit. An aging schedule for accounts receivable reveals the following pattern 15 percent of credit sales are paid in the month of sale 65 percent of credit sales are paid in the first month following the tale 14 percent of credit sales are paid in the second month following the sale 6 percent of credit sales are never collected Credit sales that have not been paid until the second month following the sale are considered overdue and are subject to a 3 percent te charge, Del Spencer's has developed the following sales forecast May $60,000 June 55,000 July 46,000 August 56,000 September 32.000 Required: Prenare a schedule of cash receipts for August and September. Round all amounts to the nearest dollar Del Spencer's Men's Clothing Store Schedule of Cash Receipts For the Months of August and September August September Cash sales Received from sales in June July I III o 65 percent of credit sales are paid in the first month following the sale 14 percent of credit sales are paid in the second month following the sale a percent of credit sales are never collected Credit sales that have not been paid unt the second month following the sale are considered overdue and are subject to a percolate charge Del Spencer's has developed the following sales forecast: May 550,000 55,000 46,000 August 56,000 September 82,000 July Required: Prepare a schedule of cash receipts for August and September. Round all amounts to the nearest dollar. Del Spencer's Men's Clothing Store Schedule of Cash Receipts For the Months of August and September August September Cash sales Received from sales in June July August September de Total cash receipts