Company projects the following sales for the first three months of the year: $12,400 in January; $14,600 in February; and $15,800 in March. The company expects 80% 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

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
		January	February	March	Total
Total sales		$12,400	$14,600	$15,800	$42,800
		January	February	March	Total
Cash Receipts from Customers:
Accounts Receivable balance, January 1
JanuaryCash sales		$9,920
JanuaryCredit sales, collection of January sales in January		1,240
JanuaryCredit sales, collection of January sales in February			$1,240
FebruaryCash sales			11,680
FebruaryCredit sales, collection of February sales in February			1,460
FebruaryCredit sales, collection of February sales in March				$1,460
MarchCash sales				12,640
MarchCredit sales, collection of March sales in March				1,580
Total cash receipts from customers		$11,160	$14,380	$15,680	$41,220
Accounts Receivable balance, March 31:
MarchCredit sales, collection of March sales in April		$1,580

Requirement 2. Prepare a revised schedule of cash receipts if receipts from sales on account are

60% in the month of the sale, 25% in the month following the sale, and 15% in the second month following the sale. 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
		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
JanuaryCredit sales, collection of January sales in March
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:
Credit sales, collection in April and May