Cramer Company projects the following sales for the first 3 months of the year:$12,500. in Jan. 13,240. in Feb, 14,600.in March. They expect 70%of the sales to be cash, and the remainder on account. Sales on account are collected 50% in the month of the sale, abd 50% in the following month. The accounts receivable account has a zero balance on Jan 1. Round to the nearest dollar.

1. Prepare a schedule of cash receipts for Cramer Company for Jan, Feb, 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, 30% the month following the sale,and 10% in the second month following the sale. What is the balance in accounts receivable on March 31?