Armand Company projects the following sales for the first three months of the year: $13,500 in January, $13,800 in February, and $14,100 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 January February Marcn lotai Total sales 13,500 13,800 14,100 41,400 January February March Total Cash Receipts from Customers: Accounts Receivable balance, January 1 - X January-Cash sales Requirements January-Credit sales, collection of January sales in January JanuaryCredit sales, collection of January sales in February FebruaryCash sales FebruaryCredit sales, collection of February sales in February FebruaryCredit sales, collection of February sales in March 1. Prepare a schedule of cash receipts for Armand 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 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? MarchCash sales March-Credit sales, collection of March sales in March Total cash receipts from customers Print Done Accounts Receivable balance, March 31: March-Credit sales, collection of March sales in April