The Guitar Shoppe reports the following sales forecast: August, $150,000; September, $170,000. Cash sales are normally 40%

Question:

The Guitar Shoppe reports the following sales forecast: August, $150,000; September, $170,000. Cash sales are normally 40% of total sales, 55% of credit sales are collected in the month following sale, and the remaining 5% of credit sales are written off as uncollectible. Prepare a schedule of cash receipts for September.