Avery Company projects the following sales for the first three months of the year: $11,200 in January; $14,600 in February; and $12,900 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. Please help me with Requirement 2.

1). Prepare a schedule of cash receipts for Avery

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, 10%

in the month following the sale, and 30% in the second month following the sale. What is the balance in Accounts Receivable on March 31?

Cash Receipts from Customers Total Total sales January February March $ 11,200 $ 14,600 $ 12,900 $ January February March 38,700 Total $ 6,720 2,240 $ 2,240 Cash Receipts from Customers: Accounts Receivable balance, January 1 JanuaryCash sales January-Credit sales, collection of January sales in January January-Credit 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 8,760 2,920 $ 2,920 7,740 2,580 8,960 | $ 13,920 | $ 13,240 $ $ 36,120 Accounts Receivable balance, March 31: March-Credit sales, collection of March sales in April $ 2,580 Cash Receipts from Customers March Total January 11,200|| February 14,600 Total sales 12,900 38,700 January February March Total 5,600 Cash Receipts from Customers: Accounts Receivable balance, January 1 JanuaryCash sales January-Credit sales, collection of January sales in January JanuaryCredit sales, collection of January sales in February January-Credit sales, collection of January sales in March February-Cash sales FebruaryCredit 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: Credit sales, collection in April and May