85. Frank's Sporting Goods projects sales for the second quarter of 20XX to be as follows:...

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85. Frank's Sporting Goods projects sales for the second quarter of 20XX to be as follows: April $100,000 May $120,000 June $110,000 20% of Frank's sales are for cash, 70% of accounts receivable are collected one month following the sale, and the rest are collected two months following the sale. January sales were $40,000, February sales were $60,000, and March sales were $80,000. a) Prepare a monthly schedule of cash receipts for the second quarter of 20XX. b) What is the balance in accounts receivable at the end of June? 85. Frank's Sporting Goods projects sales for the second quarter of 20XX to be as follows: April $100,000 May $120,000 June $110,000 20% of Frank's sales are for cash, 70% of accounts receivable are collected one month following the sale, and the rest are collected two months following the sale. January sales were $40,000, February sales were $60,000, and March sales were $80,000. a) Prepare a monthly schedule of cash receipts for the second quarter of 20XX. b) What is the balance in accounts receivable at the end of June?