Macaulay Corporation was reviewing its cash budget starting with September 1 of the current year. Budgeted cash and credit sales for the last four months of business during the year are $250,000 for September, $300,000 for October, $420,000 for November, and $540,000 for December. The company expects to sell 20% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month of the sale, 25% in the month following the sale, and the remainder in the following month. Industry benchmarks suggest that it would be prudent to make a bad debt provision for credit sales to the tune of 2% after the 3 rd month following credit sales.

Develop a schedule showing cash collections only from accounts receivable, net of expected bad debts, in the month of December.