Cornerstones of Managerial Accounting 4th Edition by Maryanne Mowen, Don Hansen, Dan Heitger

Exercise 64

Schedule of Cash Collections on Accounts Receivable and Cash Budget
Fahrad Inc. sells all of its product on account. Fahrad has the following accounts receivable payment experience:
To encourage payment in the month of sale, Fahrad gives a 2 percent cash discount. Fahrad's anticipated sales for the next few months are as follows:
Required:
1. Prepare a schedule of cash receipts for July.
2. Prepare a schedule of cash receipts for August.