Suppose a lumber yard has the following data: 1) Accounts receivable, May 31: (.2 x May sales of 360,000)= 72,000

2) Monthly forecasted sales: June, 437,000; July, 441,000; August, 502,000 ; September, 531,000

Sales consist of 80% cash and 20% credit. All credit accounts are collected in the month following the sales. Uncollectible accounts are negligible and may be ignored.

Prepare a sales budget schedule and a cash collections budget schedule for june, july, and august