Phillip Corporation Has the Following Sales Budget Credit Sales Are 80% of Total Sales

Essay

Phillip Corporation has the following sales budget:
$\begin{array}{ll}\text { Month }&\text { Budgeted Sales }\\\text { May } & \$ 84,000 \\\text { June } & 100,000 \\\text { July } & 92,000 \\\text { August } & 110,000 \\\text { September } & 90,000\end{array}$
Credit sales are 80% of total sales.Collections of credit sales are 80% in the month of sale,15% in the month after sale and 5% are never collected.
Required:
Prepare a schedule of cash collections for June,July and August.