Problem 7 Trapp Co. was organized on August 1 of the current year. Projected sales for the next three months are as follows: August September 185, 000 October $100, 000 225, 000 The company expects to sell 40% of its merchandise for cash. Of the sales on account, one third are expected to be collected in the month of the sale and the remainder in the following month. Prepare a schedule indicating cash collections of accounts receivable for August, September, and October