Problem 4-17 Schedule of cash receipts [LO4-2] J. Lo's Clothiers has forecast credit sales for the fourth quarter of the year. September (actual) October November December $ 51,000 Fourth Quarter $ 41,000 36,000. 61,000 Experience has shown that 15 percent of sales are collected in the month of sale, 65 percent are collected 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). Credit sales Collections In month of sales One month after sales Total cash receipts J. Lo's Clothiers September October November December $ 51.000 $ 41,000 $ 36,000 $ 61,000