Chapter 21 Homework (Application) eBook Calculator Schedule of Cash Collections of Accounts Receivable OfficeMart Inc. has "cash and carry" customers and credit customers. OfficeMart estimates that 30% of monthly sales are to cash customers, while the remaining sales are to credit customers. Of the credit customers, 25% pay their accounts in the month of sale, while the remaining 75% pay their accounts in the month following the month of sale. Projected sales for the next three months are as follows: October $130,000 163,000 November December 238,000 The Accounts Receivable balance on September 30 was $87,000. Prepare a schedule of cash collections from sales for October, November, and December. Round all calculations to the nearest whole dollar. December OfficeMart Inc. Schedule of Cash Collections from Sales For the Three Months Ending December 31 October November Receipts from cash sales: Cash sales $ 48,900 September sales on account: Collected in October 26,100 x October sales on account: Collected in October $ 71,400 Collected in November November sales on account: Collected in November Collected in December December sales on account: Collected in December Total cash receipts