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	$129,000
September	161,000
October	236,000

The Accounts Receivable balance on July 31, 2016, was $86,000.

Prepare a schedule of cash collections from sales for August, September, and October. Round all calculations to the nearest whole dollar.

Office World Inc.

Schedule of Collections from Sales

For the Three Months Ending October 31, 2016

August

September

October

Receipts from cash sales:

Cash sales

July sales on account:

Collected in August

August sales on account:

Collected in August

Collected in September

September sales on account:

Collected in September

Collected in October

October sales on account:

Collected in October

Total cash receipts$$$