CASH COLLECTIONS (12 POINTS)

James Company expects the following sales in the next few months:

Month Units Selling Price

July 50,000 $ 8.10

August 80,000 $ 8.10

September 40,000 $ 8.60

October 30,000 $ 8.60

James expects to collect 60 % of sales in the month of sale, 30 % in the following month, 5 % in the next month, with 5 % remaining uncollected.

Required:

Prepare a schedule of cash receipts for September and October