1. Schedule of Cash Collections of Accounts Receivable

   OfficeMart Inc. has "cash and carry" customers and credit customers. OfficeMart estimates that 20% 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 next three months are as follows:

   October	$117,000
   November	146,000
   December	214,000

   The Accounts Receivable balance on September 30 was $78,000.

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

   OfficeMart Inc.
   Schedule of Cash Collections from Sales
   For the Three Months Ending December 31
   	October	November	December
   Receipts from cash sales:
   Cash sales	$	$	$
   September sales on account:
   Collected in October
   October sales on account:
   Collected in October
   Collected in November
   November sales on account:
   Collected in November
   Collected in December
   December sales on account:
   Collected in December
   Total cash receipts	$	$	$

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