takeking Star Co. was organized on August 1 of the current year. Projected sales for the next three months are as follows: $250,000 200,000 275,000 August September October 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 the Three Months Ending October 31 August September October August September October Sales Cash sales Credit sales Collections of accounts receivable: 250,000 $200,000 $275,000 August credit sales September credit sales October credit sales Cash sales Total collections Next 28Apr 20