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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

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 $130,000
September 163,000
October 238,000

The Accounts Receivable balance on July 31, 2016, was $87,000.

Prepare a schedule of cash collections from sales for August, September, and October. Round all calculations to the nearest whole dollar.

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$ $ Office World Inc. Schedule of Collections from Sales For the Three Months Ending October 31, 2016 August September October Receipts 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 $ $ $

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