Schedule of Cash Collections of Accounts Receivable OfficeMart Inc. has cash and carry customers and...
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Schedule of Cash Collections of Accounts Receivable OfficeMart Inc. has cash and carry customers and credit customers. OfficeMart estimates that 30% o monthly sales are to cash customers, while the remaining sales are to credit customers of the credit customers, 20% pay their accounts in the nth of sale, while the remaining 80% pay their accounts in the month following the month of sale. Projected sales for the next three months are as follo $116,000 145,000 212,000 The Accounts Receivable balance on September 30 was $78,000. Prepare a schedule of cash collections from sales for October, November, and December. Round all calculations to the nearest whole dollar OfficeMart Inc. Schedule of Collections from Sales For the Three Months Ending December 31 Receipts from cash sales: Cash sales September sales on account: Colected in October October sales on account: Colected in October Colected in November November sales on account Colected in November Colected in December December sales on account: Colected in December Total cash receipts
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