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Sales Budget and Cash Collections Budget Schedule

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Accounts receivable, May 31: (.3 x May sales of $450,000) = $135,000.
Monthly forecasted sales: June, $400,000; July, $440,000; August, $500,000; September, $530,000.

Sales consist of 70% cash and 30% credit. All credit accounts are collected in the month following the sales. Uncollected accounts are negligible and may be ignored. Prepare a sales budget schedule and a cash collections budget schedule for June, July, and August.

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This solution provides a brief, but concise response of about 40 words which illustrates how to compose both a sales budget schedule and a cash collections budget.

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Sales budget schedule:

June, $400,000; July, $440,000; ...

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