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Schedule of Cash Collections of Accounts Receivable OfficeMart Inc. has cash and carry customers and credit customers. OfficeMart estimates that 2 5 % of monthly
Schedule of Cash Collections of Accounts Receivable
OfficeMart Inc. has "cash and carry" customers and credit customers. OfficeMart estimates that of monthly sales are to cash customers, while the remaining sales are to credit customers. Of the credit customers, pay their accounts in the month of sale, while the remaining pay their accounts in the month following the month of sale. Projected sales for the next three months are as follows:
October $
November
December
The Accounts Receivable balance on September was $
Prepare a schedule of cash collections from sales for October, November, and December. Enter all amounts as positive numbers.
OfficeMart Inc.
Schedule of Cash Collections from Sales
For the Three Months Ending December
October November December
Receipts from cash sales:
Cash sales $fill in the blank
$fill in the blank
$fill in the blank
September sales on account:
Collected in October fill in the blank
October sales on account:
Collected in October fill in the blank
Collected in November fill in the blank
November sales on account:
Collected in November fill in the blank
Collected in December fill in the blank
December sales on account:
Collected in December fill in the blank
Total cash collected $fill in the blank
$fill in the blank
$fill in the blank
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