Trapp Co. was organized on August 1 of the current year. Projected sales for the next three months are as follows: August $100,000 September 185,000 October 225,000 The company expects to sell 40% of its merchandise for cash. Of the sales on account, one third are expected to be collected in the month of the sale and the remainder in the following month. Prepare a schedule indicating cash collections of accounts receivable for August, September, and October. For each month's sales on account, enter the collection months in chronological order. Trapp Co. Schedule of Collections of Accounts Receivable For Three Months Ending October 31, 20XX August September October August sales on account: Collected in August X Collected in September X September sales on account: Collected in September X Collected in October X October sales on account: Collected in October X Totals X $ X $ X