Suppose a lumber yard has the following data:

●. Accounts receivable, 31 May: (.3 × May sales of €350,000) = €105,000 

●. Monthly forecasted sales: June, €430,000; July, €440,000; August, €500,000; September, €530,000 Sales consist of 70 per cent cash and 30 per cent credit. All credit accounts are collected in the month following the sales. Uncollectible accounts are negligible and may be ignored. Prepare a sales budget schedule and a cash collections budget schedule for June, July and August.