Problem 4-17 (Algo) Schedule of cash receipts [LO4-2] J. Lo's Clothiers has forecast credit sales for the fourth quarter of the year: Fourth Quarter $ 62,000 September (actual) October November December $ 52,000 47,000 72,000 Experience has shown that 40 percent of sales are collected in the month of sale, 50 percent are collected in the following month, and 10 percent are never collected. Prepare a schedule of cash receipts for J. Lo's Clothiers covering the fourth quarter (October through December). Credit sales Collections In month of sales One month after sales Total cash receipts J. Lo's Clothiers September October November December $ 0 $ 0 $ 0