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 are to credit customers. Of the credit customers, 20% pay their accounts in the month of sale, while the remaining 80% pay their accounts month of sale. Projected sales for the next three months are as follows: October $128,000 November 160,000 December 234,000 The Accounts Receivable balance on September 30 was $86,000. 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 38,400 48,000 September sales on account: Collected in October 86.000 October sales on account: Collected in October -22,400 X 70,200 Collected in November November sales on account: Collected in November Collected in December December sales on account: Collected in December Total cash receipts