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	$______	$_______	$______