Company projects the following sales for the first three months of the$$ year: $ $11$ comma $200$ in January$$; $ $12$ comma $300$ in February$$; and $ $11$ comma $100$ 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.

Read the requirementsLOADING....

Question content area bottom

Part $1$

Requirement $1.$ Prepare a schedule of cash receipts for Marcel 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

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

February$$Cash sales

February$$Credit sales, collection of February sales in February

February$$Credit sales, collection of February sales in March

March$$Cash sales