Suppose a lumber yard has the following data: Accounts receivable, May 31: (0.20 x May sales of $357,000) = $71,400 Monthly forecasted sales: June, S431,000; July, $445,000; August, $506,000; September, $533,000 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. 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 Prepare a cash collections budget schedule for June, July, and August. Cash collections budget June July August Cash sales this month 100% of last months credit sales Total collections from customers