J. Lo's Clothiers has forecast credit sales for the fourth quarter of the year as September (actual) $69,000 Fourth Quarter October November December $ 59,000 54,000 79,000 Experience has shown that 15 percent of sales are collected in the month of sale, 65 percent in the following month, and 20 percent are never collected Prepare a schedule of cash receipts for J. Lo's Clothiers covering the fourth quarter (October through December) Answer is complete but not entirely correct J. Lo's Clothiers September October December $ 69,00059,000$ 54,00079,000 $8,850 $ 8,100 11,850 51,350 $ 59,000 43,200 63,200 November Credit sales In month of sales One month after 50,150 35,100 sales Total cash receipts