Suppose a lumber yard has the following data:

Accounts receivable, May 31: (.2 X May sales of $360,000) = $72,000

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.