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Office World Inc. has "cash and carry" customers and credit customers. Office World 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 of 2014 are as follows:
The Accounts Receivable balance on July 31, 2014, was $78,000.
Prepare a schedule of cash collections from sales for August, September, and October.
Office World Inc.
Schedule of Collections from Sales
For the Three Months Ending October 31, 2014
August
September
October
Receipts from cash sales:
Cash sales
July sales on account:
Collected in August
August sales on account:
Collected in September
September sales on account:
Collected in October
October sales on account:
Total cash receipts
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