Cornerstones of Managerial Accounting 6th Edition by Maryanne Mowen,Don Hansen ,Dan Heitger

Exercise 13

Schedule of Cash Collections on Accounts Receivable and Cash Budget
Bennett Inc. found that about 15% of its sales during the month were for cash. Bennett has the following accounts receivable payment experience:

Bennett's anticipated sales for the next few months are as follows:

( Note : Round all amounts to the nearest dollar.)
Required:
1. Calculate credit sales for May, June, July, and August.
2. Prepare a schedule of cash receipts for July and August.