Section III: (Practical Cases and Essay Questions) Cases (1): (6 marks) Budgeted sales in Sharjah Company over the next four months are given below: (CLO4) Months October November December Budgeted Sales $100,000 $160,000 $180,000 The company's collections for sales are as follows: 50% of a month's sales are collected in the month of sale, 30% are collected in the month following sale, and 15% are collected in the second month following sale. The remainder is uncollectible. There were no accounts receivables at end of September. Required: 1. Prepare schedule of cash collection for the month of October, November and December. 2. What is the total amount of Accounts Receivable (A/R) at the end November and December