1. Prepare a schedule of cash receipts for Avery for January, February, and March. What is the balance in Accounts Receivable on March 31? 2. Prepare a revised schedule of cash receipts if receipts from sales on account are 80% in the month of the sale, 15% in the month following the sale, and 5% in the second month following the sale. What is the balance in Accounts Receivable on March 31? Avery Company projects the following sales for the first three months of the year: $12,400 in January; $13,800 in February; and $10,400 in March. The company expects 80% of the sales to be cash and the remainder on account. Sales on account are collected 50% in the month of the sale and 50% in the following month. The Accounts Receivable account has a zero balance on January 1. Round to the nearest dollar. Read the requirements Total sales January 12400 February March Total 13800 10400 36600 January February March Total Cash Receipts from Customers: Accounts Receivable balance, January 1 9920 11040 8320 January-Cash sales 2480 2760 2080 January-Credit sales, collection of January sales in January January-Credit sales, collection of January sales in February February-Cash sales February-Credit sales, collection of February sales in February February-Credit sales, collection of February sales in March March-Cash sales March-Credit sales, collection of March sales in March Total cash receipts from customers Accounts Receivable balance, March 31: March-Credit sales, collection of March sales in April