The sales budget for Perrier Inc. is as forecasted as follows: Month Sales Revenue May $120,000 June 160,000 July 180,000 August 120,000 To prepare a cash budget, the company must determine the budgeted cash collections from sales. Historically, the following trend has been established regarding cash collection of sales: 60 percent in the month of sale 20 percent in the month following sale 15 percent in the second month following sale 5 percent uncollectible The company gives a 2 percent cash discount for payments made by customers during the month if sale. The accounts receivable balance on April 30 is $24,000, of which $7,000 represents uncollected March sales and $17,000 represents uncollected April sales. Prepare a schedule of budgeted cash collections from sales for May, June and July. Include a three month summary of estimated cash collections