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OfficeMart Inc. has "cash and carry" customers and credit customers. OfficeMart estimates that 20% of...

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Accounting

OfficeMart Inc. has "cash and carry" customers and credit customers. OfficeMart estimates that 20% 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 in the month following the month of sale. Projected sales for the next three months are as follows:

October $109,000
November 136,000
December 199,000

The Accounts Receivable balance on September 30 was $73,000.

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
October November December
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 $ $ $

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