Schedule of Cash Collections of Accounts Receivable OfficeMartInc. has "cash and carry" customers and credit customers.OfficeMart estimates that 20% of monthly sales are to cashcustomers, while the remaining sales are to credit customers. Ofthe credit customers, 20% pay their accounts in the month of sale,while the remaining 80% pay their accounts in the month followingthe month of sale. Projected sales for the next three months are asfollows: October $115,000 November 144,000 December 210,000 TheAccounts Receivable balance on September 30 was $77,000. Prepare aschedule of cash collections from sales for October, November, andDecember. Round all calculations to the nearest whole dollar.OfficeMart Inc. Schedule of Cash Collections from Sales For theThree Months Ending December 31 October November December Receiptsfrom cash sales: Cash sales $ $ $ September sales on account:Collected in October October sales on account: Collected in OctoberCollected in November November sales on account: Collected inNovember Collected in December December sales on account: Collectedin December Total cash receipts $ $ $
