Answer requirement 2.

\begin{tabular}{l} \hline January-Cash sales \\ January -Credit sales, collection of January sales in January \\ \hline January-Credit sales, collection of January sales in February \\ \hline January-Credit sales, collection of January sales in March \\ \hline February-Cash sales \\ \hline February-Credit sales, collection of February sales in February \\ February-Credit sales, collection of February sales in March \\ March-Cash sales \\ \hline March-Credit sales, collection of March sales in March \\ Total cash receipts from customers \\ \hline \end{tabular} January - Credit sales, collection of January sales in March 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: Credit sales, collection in April and May Elwood Company projects the following sales for the first three months of the yoar: $11,500 in January; $15,900 in Fobruary; and $10,400 in March. The company expects 80% of the sales to be cash and the remainder on account. Sales on account are colloctod 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. Requirement 2. Prepare a revised schedule of cash receipts if receipts from sales on account are 60% in the month of the sale, 15% in the month following the sale, and 25% in the second month following the sale. What is the balance in Accounts Receivable on March 31 ? (If an input field is not used, leave the input field empty. Do not entor a zoro.)