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This is total September sales multiplied by the percentage of September credit sales collected during September plus total August sales multiplied by the percentage of August credit sales collected during September plus total July sales multiplied by the percentage of July credit sales collected during September. This answer neglects two things: (1) Sales made on credit each month are only 70% of the total sales. Therefore, each month's sales should be multiplied by .70 before multiplying it by the percentage of the month's receivables to be collected during September. (2) 30% of each month's sales are cash sales, so 30% of the total sales for September will be received during September.
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This answer results from going forward in time instead of backwards. 50% of August's credit sales and 25% of July's credit sales will be collected in September; but this answer uses 50% of October's credit sales and 25% of November's credit sales instead.
Receipts will be as follows during September: September cash sales - $800,000 × .30 $240,000 Collected from September credit sales - $800,000 × .70 × .20 112,000 Collected from August credit sales - $650,000 × .70 × .50 227,500 Collected from July credit sales - $600,000 × .70 × .25 105,000 Total receipts for September $684,500