eBOOK Schedule of Cash Collections of Accounts Receivable OfficeMart Inc. has "cash and carry" customers and credit customers. OfficeMart estimates that 20% 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 $119,000 November 149,000 December 218,000 The Accounts Receivable balance on September 30 was $80,000. Prepare a schedule of cash collections from sales for October, November, and December. Round all calculations to the nearest whole dollar. OfficeMart Inc. Schedule of Cash Collections from Sales For the Three Months Ending December 31 October November December Receipts from cash sales: Cash sales 23,800 $ 29,800 43,600 September sales on account: Collected in October 80,000 October sales on account: Collected in October 22,312.7 X Collected in November 66,940 X November sales on account: OfficeMart Inc. Schedule of Cash Collections from Sales For the Three Months Ending December 31 October November December Receipts from cash sales: Cash sales 23,800 $ 29,800 $ 43,600 September sales on account: Collected in October 80,000 October sales on account: Collected in October 22,312.7 Collected in November 66,940 X November sales on account: Collected in November Collected in December December sales on account: Collected in December DII Total cash receipts Feedback Check My Work of the sales on account, note the percentages of the total that are expected to E