Watt's Lighting Stores made the following sales projection for the next six months. All sales are credit sales. $56,000 62,000 51,000 60,000 68,000 March April May June July August 70,000 Sales in January and February were $59,000 and $58,000, respectively. Experience has shown that of total sales, 10 percent are uncollectible, 25 percent are collected in the month of sale, 35 percent are collected in the following month, and 30 percent are collected two months after sale. a. Prepare a monthly cash receipts schedule for the firm for March through August. Watt's Lighting Stores Cash Receipts Schedule January February March April May June July August 51,000 $ 59,000 $ 58,000 $ 56,000 $ 62,000 $ 60,000 $ 68,000 $ Credit sales 70, In month of sale One month after sale Two months after sale Total cash receipts