Star Co. was organized on August 1 of the current year. Projected sales for the next three months are as follows: August September October $250,000 200,000 275,000 The company expects to sell 50% of its merchandise for cash. Of the sales on account, 30% are expected to be collected in the month of the sale and the remainder in the following month. Prepare a schedule indicating cash collections for August, September, and October. Star Co. Schedule of Collections of Sales For Three Months Ending October 31 August September October 250,000 $200,000 $275,000 Sales Cash sales Credit sales Collections of accounts receivable: August credit sales September credit sales October credit sales Cash sales Total collections