ArmandArmand

Company projects the following sales for the first three months of the year:

$ 12 comma 400$12,400

in

JanuaryJanuary;

$ 15 comma 900$15,900

in

FebruaryFebruary;

and

$ 11 comma 100$11,100

in

MarchMarch.

The company expects

6060%

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

JanuaryJanuary

1. Round to the nearest dollar.

Requirement 1. Prepare a schedule of cash receipts for

ArmandArmand

for

JanuaryJanuary,

FebruaryFebruary,

and

MarchMarch.

What is the balance in Accounts Receivable on

MarchMarch

3131?

(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
JanuaryCash sales
JanuaryCredit 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
MarchCash sales
MarchCredit 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

1.	Prepare a schedule of cash receipts for ArmandArmand for JanuaryJanuary, FebruaryFebruary, and MarchMarch. What is the balance in Accounts Receivable on MarchMarch 3131?
2.	Prepare a revised schedule of cash receipts if receipts from sales on account are 6060% in the month of the sale, 1010% in the month following the sale, and 3030% in the second month following the sale. What is the balance in Accounts Receivable on MarchMarch 3131?