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, 40% pay their accounts in the month of sale, while the remaining 60% pay their accounts in the month following the month of sale. Projected sales for the next three months are as follows: October $700,000 November 650,000 December 500,000 The Accounts Receivable balance on September 30 was $290,000 Prepare a schedule of cash collections from sales for October, November, and December. Enter all amounts as positive numbers. Prepare a schedule of cash collections from sales for October, November, and December. Enter all amounts as positive numbers. Office World Inc. Schedule of Collections from Sales For the Three Months Ending December 31 October November December Receipts from cash sales: Cash sales 175,000 162,500 125,000 September sales on account: Collected in October October sales on account: Collected in October 210,000 Collected in November 315,000 November sales on account: Collected in November 195,000 Collected in December 292,500 December sales on account: Collected in December 150,000 672,500 567,500 Total cash collected