Watt's Lighting Stores made the following sales projection for the next six months. All sales are credit sales $46,000 June $50,000 58,000 60,000 March 52,000 July 41,000 August May Sales in January and February were $49,000 and $48,000, 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 Credit sales In month of sale One month after sale Two months after sale Total cash receipts