CO II Exam 22-14 22-10 22-1 ALGO Office World Inc. has "cash and carry customers and credit customers. Office World 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 of 2016 are as follows: August September October $129,000 161,000 236,000 22-2 ALGO 22-3 ALGO 22-4 ALGO 22-4 ALGO 22-2 ALGO 22-0 ALGO 22-19 ALGO 22-20 ALGO 21-1 ALGO 21-2 ALGO 21-3 ALGO 21-4 ALGO 21-5 ALGO The Accounts Receivable balance on July 31, 2016, was $86,000 Prepare a schedule of cash collections from sales for August, September, and October Round all calculations to the nearest whole dolar Office World Inc. Schedule of Collections from Sales For the Three Months Ending October 31, 2016 Recepts from cash sales Cash sales July sales on account Collected in August August sales on account Collected in August Collected in September September sales on account: Collected in September: Collected in October October sales on account: Collected in October Total cash receipts August September October 000 00 01 10 000 21-6 ALGO