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:

MonthAmountOctober$$105,000$November$131,000$December$192,000$

The Accounts Receivable balance on September $30$ was $$70,000.$

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 $31$Line Item DescriptionOctoberNovemberDecemberReceipts from cash sales:Cash sales$Cash sales$Cash sales$Cash salesSeptember sales on account:Collected in OctoberCollected in OctoberOctober sales on account:Collected in OctoberCollected in OctoberCollected in NovemberCollected in NovemberNovember sales on account:Collected in NovemberCollected in NovemberCollected in DecemberCollected in DecemberDecember sales on account:Collected in DecemberCollected in DecemberTotal cash receipts$Total cash receipts$Total cash receipts$Total cash receipts