You are the marketing manager of Tizer Pharma Co. that began operations in Jan 2023. The business was a cash business (ie., did not accept credit) until May 2023, when they were able to build a credit approval process. Therefore, A/R balance as of May 1 2023 was $0. Actual revenues and collections are noted in the chart below. Expected sales revenues for the remaining six months of 2023 are as follows:

$ thousands

May (actuals) 600

June (actuals) 600

July (forecast) 700

Aug (forecast) 700

Sept (forecast) 750

Oct (forecast) 750

Nov (forecast) 800

Dec (forecast) 800

From July 1 onwards, you expect the collection pattern to be as follows: 25% of sales are cash sales and are received in the month of sale. 50% of sales are on one months credit and paid in the month following sale. 25% of sales are paid in the second month following sale.

Required Prepare a schedule of cash received and A/R balance from sales for July to December of the year.