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Exercise 20-18 Budgeted cash receipts LO P2 Jasper Company has sales on account and for cash. Specifically, 63% of its sales are on account and 37% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $524,000 for April, $534,000 for May, and $559,000 for June. The beginning balance of Accounts Receivable is $302.200 on April 1 Prepare a schedule of budgeted cash receipts for April, May, and June. Cash sales Sales on account Total sales 37% $ 63% $ April 193.880 s 330.120 524,000 $ May 197,580$ 336.420 534 000 $ June 206.830 352,170 559.000 JASPER COMPANY Schedule of Cash Receipts For April, May, and June April Cash receipts from Cash sales $ 193.8805 Collection of accounts receivable 302.200 Total budgeted cash receipts $ 496,080 May June 197,580$ 205,830