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Problem - Office Universe Supplies Inc. has "cash and carry" customers and credit customers. Office Universe 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 in the month following the month of sale. Projected sales for the next three months of 2012 are as follows:
August $120,000
September 150,000
October 220,000
The Accounts Receivable balance on July 31, 2012, was $80,000.
Required - Prepare a schedule of cash collections from sales for August, September, and October.
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