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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 25% 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$119,000September149,000October218,000

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.

AugustSeptemberOctoberReceipts from cash sales:Cash sales$fill in the blank 1$fill in the blank 2$fill in the blank 3July sales on account:Collected in Augustfill in the blank 4August sales on account:Collected in Augustfill in the blank 5Collected in Septemberfill in the blank 6September sales on account:Collected in Septemberfill in the blank 7Collected in Octoberfill in the blank 8October sales on account:Collected in Octoberfill in the blank 9Total cash receipts$fill in the blank 10$fill in the blank 11$fill in the blank 12