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In: AccountingSchedule of Cash ReceiptsDel Spencer is the owner and founder of Del Spencer's Men'sClothing...Schedule of Cash ReceiptsDel Spencer is the owner and founder of Del Spencer's Men'sClothing Store. Del Spencer's has its own house charge accounts andhas found from past experience that 10 percent of its sales are forcash. The remaining 90 percent are on credit. An aging schedule foraccounts receivable reveals the following pattern:15 percent of credit sales are paid in the month of sale.65 percent of credit sales are paid in the first month followingthe sale.14 percent of credit sales are paid in the second month followingthe sale.6 percent of credit sales are never collected.Credit sales that have not been paid until the second monthfollowing the sale are considered overdue and are subject to a 3percent late charge.Del Spencer's has developed the following sales forecast:May$60,000June55,000July45,000August56,000September82,000Required:Prepare a schedule of cash receipts for August and September.Round all amounts to the nearest dollar.Del Spencer's Men's Clothing StoreSchedule of Cash ReceiptsFor the Months of August and SeptemberAugustSeptemberCash sales$$Received from sales in:June:July:August:September:Total cash receipts$$