Armand Company projects the following sales for the first three months of the year: $16.700 in January: $11,600 in February, and $10,500 in March. The company expects 60% 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. Requirement 1. Prepare a schedule of cash receipts for Armand for January, February, and March. What is the balance in Accounts Receivable on March 31? (Leave unused and zero balance account cells blank, do not enter "0") Cash Receipts from Customers January February March Total Total sales January February March Total Cash Receipts from Customers: Accounts Receivable balance, January 1 January-Cash sales 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 MarchCash 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 Armand Company projects the following sales for the first three months of the year: $12.400 in January: $16,100 in February, and $11,100 in March. The company expects 60% 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 Requirement 2. Prepare a revised schedule of cash receipts if receipts from sales on account are 60% in the month of the sale, 35% 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? (Leave unused and zero balance account cells blank, do not enter "O".) Cash Receipts from Customers Total sales January $ 12,400 January February S 16,100 February March $ 11,100 March $ Total 39,800 Total $ 7.440 Cash Receipts from Customers: Accounts Receivable balance, January 1 January-Cash sales January-Credit sales, collection of January sales in January January-Credit sales, collection of January sales in February January-Credit sales, collection of January sales in March FebruaryCash sales February-Credit sales, collection of February sales in February February-Credit sales, collection of February sales in March MarchCash sales March-Credit sales, collection of March sales in March $ 248 2,254 6.860 S 2,664 S_11,820 S Total cash receipts from customers 10.41 37.502 Accounts Receivable balance, March 31: S 2.098 This question is complete. Move your cursor over or tap on the red arrows to see incorrect answers. All parts showing Similar