12200 Avery Company projects the following sales for the first three months of the year: $13,500 in January, $12,200 in February; and $15,800 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. Cash Receipts from Customers January February March Total Total sales 13500 15800 41500 January February March Total 0 Requirements Cash Recepts from Customers: Accounts Receivable balance, January 1 January-Cash sales 1. Prepare a schedule of cash receipts for Avery for January, February, and JanuaryCredit sales, collection of January sales in January 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 January Credit sales, collection of January sales in February are 60% in the month of the sale, 30% in the month following the sale, and February-Cash sales 10% in the second month following the sale. What is the balance in Accounts Receivable on March 317 February-Credit sales, collection of February sales in February February-Credit sales, collection of February sales in March Print Done March-Cash sales March Credit sales, collection of March sales in March Total cash receipts from customers Accounts Receivable balance, March 31: MarchCredit sales, collection of March sales in April