Answer and Explanation:
The preparation of the schedule of cash collections from sales for October, November, and December is presented below:
Particulars    October      November           December  
Sales           $58,000      $65,000           $72,000  
Cash sales   $14,500             $16,250                  $18,000
                      ($58,000 × 0.25)   ($65000 × 0.25)         ($72,000 ×.25
)
Credit sale   $43,500              $48,750                    $54,000  
                      ($58,000 - $14,500)                   
September account receivable       $35,000      
current month payment      
October credit sale:       $13,050       $30,450  
                    ($43,500 × 30%)       (43500 ×70%)  
November credit sale                 $14,625                    $34,125	
                                                            ($48,750 × 30%)            (48750 × 70%
)
December credit sale:                                  $16,200  
                                                                                                  ($54,000 × 30%
)
Total cash collected         $62,550  $61,325                    $68,325
($14,500 + $35,000 + $13,050)   ($16,250 + $30,450 + $14,625)        ($18,000 + $34,125 + $16,200)