Schedule of cash collections of accounts receivable

remaining $80\%$ pay their accounts in the month following the month of sale. Projected sales for the next three months are as follows:

The Accounts Receivable balance on September $30$ was $$86,000.$

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 Description October November December

Receipts from cash sales:

Cash sales $,$$$,x$ :

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

$$ Check My Work

Of the sales on account, note the percentages of the total that are expected to be collected in the month of the sale and in each of the next two months.