Schedule of Cash Collections of Accounts Receivable Innovative Office Inc. has "cash and carry" customers and credit customers. Innovative Office estimates that 30% of monthly sales are to cash customers, while the remaining sales are to credit customers. Of the credit customers, 75% pay their accounts in the month of sale, while the remaining 25% pay their accounts in the month following the month of sale. Projected sales for the first three months of 2014 are as follows: January February March $1,200,000 1,450,000 1,600,000 The Accounts Receivable balance on December 31, 20Y3, was $180,000. Prepare a schedule of cash collections from sales for January, February, and March. INNOVATIVE OFFICE INC. Schedule of Collections from Sales For the Three Months Ending March 31, 2014 Receipts from cash sales: January February March Cash sales December sales on account: Collected in January January sales on account Collected in January Collected in February February sales on account: Collected in February Collected in March March sales on account: Collected in March 360,000