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Schedule of Cash Collections of Accounts Receivable Office World Inc. has "cash and carry" customers and credit customers. Office World 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 of 2016 are as follows: August $120,000 September 150,000 October 220,000 The Accounts Receivable balance on July 31, 2016, was $80,000. Prepare a schedule of cash collections from sales for August, September, and October. Round all calculations to the nearest whole dollar. 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