Suppose a lumber yard has the following data: Accounts receivable, May 31: (0.40 x May sales of $358,000) = $143,200 Monthly forecasted sales: June, $433,000; July $441,000: August, $500,000; September, $538,000 Sales consist of 60% cash and 40% credit. All credit accounts are collected in the month following the sales. Uncollectible accounts are negligible and may be ignored. Requirement 1. Prepare a sales budget schedule and a cash collections budget schedule for June, July, and August Requirement 1. Prepare a sales budget schedule for June, July, and August Sales budget June July August Credit sales Cash sales Total sales