Enabled: EXAM 31 Problem 8-119 (Static) [LO 8-4] Blair Corporation is a retailer of assorted baby products. The actual and forecast sale April (actual) May (actual) Revenues $175,000 200,000 225,000 240,000 230,000 June July August All sales are credit sales. The cash collection pattern is 20% in the month of sale, 70% in the month following the sale, and the remainder in the second month following the sale. Accounts receivable on June 1 were $177,500. Required: a. Prepare a budgeted cash receipts schedule for the period June through August (by month only). Blair Corporation Budgeted Cash Receipts For the Three Months Ending August 31 Budgeted sales revenue Credit sales collected month of sale (20%) Credit sales collected month following sale (70%) Credit sales collected second month following sale (10%) Budgeted cash receipts June + July August