Avery Company projects the following sales for the first three months of the year $12,600 in January: $15,900 in February, and $13,400 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 Requirement 1. Prepare a schedule of cash receipts for Avery for January, February, and March. What is the balance in Accounts Receivable on March 31? (If an input field is not used, leave the input field empty. Do not enter a zero.) Cash Receipts from Customers Total sales Cash Receipts from Customers: January 12,600 February March 15,900 13,400 Total 41,900 January February March Total Accounts Receivable balance, January 1 January-Cash sales 8820 January-Credit sales, collection of January sales in January 3780 3780 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 March-Cash 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 Requirements 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 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 312 13 Print Done