The Accounts Receivable balance on September 30 was $80,000

Schedule of cash collections of accounts receivable OfficeMart Inc. has "cash and carry" customers and credit customers. OfficeMart estimates that 25% 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 the month following the month of sale. Projected sales for the next three months are as follows: October November December $120,000 150,000 220,000 The Accounts Receivable balance on September 30 was $80,000. 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 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 My WM October 30,000 80,000 November 37,500 V December 5,000 V