Answer and Explanation:
The preparation of the schedule of cash receipts is shown below:
Schedule of cash receipts for July
For July Payments on account:
From May credit sales: ($248,000 × 23%) $57,040
From June credit sales: ($260,000 × 55%) $143,000
From July credit sales: ($240,000 × 20%) $48,000
Less: July cash discount ($48,000 × 2%) $ (960)
Cash receipts for July $247,080
Since the percentage of paid amount is given i.e For may it is 23%, for June it is 55% and for July it is 20% and the cash discount is 2%
So according to the percentage of the paid amount, the amounts are calculated i.e shown above
