*PLEASE COULD I HAVE A STEP BY STEP SOLUTION*

Exercise 23.16 Estimated cash receipts The budgeted monthly service revenues for Causeway Contractors for January to June are presented below. The entity's experience is that 80% of monthly invoicing for services is on a credit basis. All cash sales receive an 8% discount. Of the credit sales, 40% are collected in the month following the service, 35% are collected in the second month following, and 22% are collected in the third month after invoicing; 3% are never collected. Total actual revenue invoiced during December was $23 000 and for November was $33 000. Ignore GST. The projected service revenues by month are as follows