The Kafusi Company has the following budgeted sales: April May June July Credit Sales $320,000 $300,000 $350,000 $400,000 Cash Sales $70,000 $80,000 $90,000 $70,000 The regular pattern of collection of credit sales is 30% in the month of sale, 60% in the month following the month of sale, and the remainder in the second month following the month of sale. There are no bad debts. Prepare a schedule for the budgeted cash receipts for July. Compute the budgeted accounts receivable balance On May 31 by showing your comptations