Suppose a lumber yard has the following data: Accounts receivable, May 31: (0.30 x May sales of $359,000) = $107,700 Monthly forecasted sales: June, $437,000; July, $448,000; August, $502,000; September, $539,000 . Sales consist of 70% cash and 30% 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