Guitar Supplies Company Has the Following Sales Budget for the First

Guitar Supplies Company has the following sales budget for the first three months of the current year:
$$\begin{array} { l c } \underline{\text { Month }} & \underline{\text { Sales Revenue }} \\\text { January } & \$ 300,000 \\\text { February } & 75,000 \\\text { March } & 220,000\end{array}$$ Historically, the following trend has been established regarding cash collection of sales:
●65 percent in month of sale
●25 percent in month following sale
● 8 percent in second month following sale
● 2 percent uncollectible
The company allows a 2 percent cash discount for payments made by customers during the month of the sale. November and December sales were $50,000 and $100,000, respectively.
Required: Prepare a schedule of budgeted cash collections from sales for January, February, and March.