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 25% of monthly sales are to cash customers, while the remaining sales are to credit customers. Of the credit customers, 20% pay their accounts in the month 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 follows: \begin{tabular}{l} \hline October November December \\ Receipts from cash sales: \\ Cash sales \\ September sales on account: \\ Collected in October \\ October sales on account: \\ Collected in October \\ Collected in November \\ November sales on account: \\ Collected in November \\ Collected in December \\ December sales on account: \\ Collected in December \\ Total cash receipts \end{tabular}
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