Schedule of Cash Collections of Accounts Receivable Innovative Office Inc. has "cash and carry" customers and credit customers. Innovative Office estimates that 25% of monthly sales are to cash customers, while the remaining sales are to credit customers. Of the credit customers, 20% pay their accounts in the month of sale, while the remaining 80% pay their accounts in the month following the month of sale. Projected sales for the first three months of 2074 are as follows: January $131,000 February 164,000 March 240,000 The Accounts Receivable balance on December 31, 2013, was $88,000. 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 January February March Receipts from cash sales: Cash sales 32,750 41,000 60,000 December sales on account: Collected in January 88,000 January sales on account: Collected in January Collected in February February sales on account: Collected in February X Collected in March March sales on account: Collected in March Total cash receipts o