Armand Company projects the following sales for the first three months of the year. $11,200 in January, $14,600 in February; and $10,500 in March. The company expects 70% 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 Total sales A Requirements Cash Receipts from Customers: Accounts Receivable balance, Janua January-Cash sales 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 70% in the month of the sale, 20% in the month following the sale, and 10% in the second month following the sale. What is the balance in Accounts Receivable on March 31? January-Credit sales, collection of January-Credit sales, collection of FebruaryCash sales February-Credit sales, collection of Print Done Cobru od olo olation of 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 $ 7,840 10.220 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 7,350 Total cash receipts from customers Accounts Receivable balance, March 31: March-Credit sales, collection of March sales in April Enter any number in the edit fields and then click Check